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The Labour Market Continues To Soften With Unemployment Increasing And Vacancies Falling

Posted 2 years ago •

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The latest ONS data cover the period from June to August 2023 and show a labour market that continues to soften. The employment rate decreased while both the unemployment and inactivity rate increased.

Vacancies continue to fall although remain above pre-pandemic levels. The estimate of payrolled employees in the UK for September 2023 is largely unchanged on the month, down 11,000 on the revised August 2023 figure, to 30.1 million. The economic inactivity rate increased by 0.1% to 20.9% compared with the previous quarter (March to May 2023). 

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