UK Labour Market Stats

The UK labour market shows superficial headline resilience, but underlying data reveals weakening demand, characterized by falling employee counts and declining vacancies.

Key Takeaways

• 1.UK headline employment rose by 100k, but growth was entirely driven by self-employment while the number of employees fell.
• 2.Labour demand is softening, evidenced by a continued decline in job vacancies to 707k and a rising unemployment-to-vacancies ratio.
• 3.Private sector wage growth continues to slow, suggesting underlying market-driven wage pressures are moderating.

Table of Contents

• UK Labour Market: Headline resilience masks softer underbelly
• Stronger headline data, but softer underlying momentum
• Unemployment falls, but reflects softer dynamics
• Vacancies continue to decline as hiring demand softens
• Policy implications

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