New data released by the Office for National Statistics (ONS) has shown that unemployment rates in the UK have fallen slightly, while pay growth has slowed. According to the data, the jobless rate fell from 4.1% to 4% between June and August. Meanwhile, regular pay, which excludes bonuses, grew at an annual rate of 4.9%, signalling a slowdown in growth. However, wages are still rising faster than inflation.
ONS also revealed that the rate of individuals considered “economically inactive” – which refers to those aged between 16 to 64 years old who are not in work or not looking for a job – fell to 21.8%. In addition, job vacancies decreased to 841,000 in the July to September period, with most industries seeing a decline in the quarter. However, the total still remains slightly above its pre-pandemic level.
David Freeman of the ONS commented on the figures, stating that “vacancies have fallen once more, with most industries seeing a fall on the quarter. However, the total still remains a little above its pre-pandemic level”. These results come amid ongoing concerns about job security in the UK in the lead up to the Christmas period.
Despite the slight decrease in the jobless rate, the UK government is still taking measures to support workers affected by the pandemic. Earlier in the year, Chancellor Rishi Sunak announced the extension of the furlough scheme, which provides financial support to those who are unable to work due to COVID-19 related issues. While the scheme is set to expire at the end of October, the government has already taken steps to extend it further.
Overall, these latest figures show that despite some fluctuations in the labour market, the UK continues to make progress in its economic recovery from the effects of the pandemic. However, with the future still uncertain, many will be watching the next set of ONS data releases to come
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