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UK Employment Posts Slight Growth, But Economic Inactivity Climbs

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Business development and growing industry concept with trees shaped as a gear or cog connected together with future financial growth ahead on a summer sky background.

Employment in the United Kingdom continued to improve in November 2021 to January 2022 period, but a slight contraction in economic activity was recorded during the period.

Source: Office for National Statistics

EWU is up 0.54%, while EZU is up 0.51%.

The employment rate for the period grew by 0.1 percentage points to 75.6%, driven mainly by the rise in full-time employees. Payrolled employees are estimated to have grown by 275,000 to a record 29.7 million.

Part-time employees have declined strongly during the COVID-19 pandemic but have started to increase since the April to June 2021 period. Self-employed workers continue to be at a low level following the declines recorded during the pandemic.

The unemployment rate fell by 0.2 percentage points to 3.9%, with job vacancies from December 2021 to February 2022 climbing to a fresh record of 1.318 million. Half of the industry sectors also reported historic highs.

The average total pay for the period increased by 4.8%, and regular pay increased by 3.8%. Adjusted for inflation, however, total pay was 0.1% up and regular pay down by 1.0%.

Economic inactivity was driven mainly by individuals aged 50 to 64, while the number of economically inactive individuals aged 16 to 24 recorded declines.

 

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