18 July 2024
The Office for National Statistics (ONS) has released the labour market overview for June 2024. These releases are full of information, but if you dive in there are some interesting points to note for the payroll profession.
Here are some of the headline statistics you may be curious about:
- there are 30.4 million payrolled employees across the UK
- payrolled employees increased by 54,000 (0.2%) between April and May 2024
- annual growth in employees’ average regular earnings (excluding bonuses) was 5.7% in March to May 2024
- annual growth in employees’ total earnings (including bonuses) was 5.7% in March to May 2024
- the employment rate (16-64) is at 74.4%, with increases to both employed and self-employed workers.
June’s labour market figures show signs of gradual cooling, with the number of job vacancies falling and unemployment rising. Earnings growth continues to be strong, albeit lower than a few months ago.
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