In December 2022 to February 2023, the UK employment rate is estimated to have reached 75.8%, up 0.2 percentage points compared with September to November 2022. The increase in employment over the past three months was driven by part-time and self-employed workers. All of this news information is based on data from the ons.gov.uk website. The March 2023 payrolls estimate showed a significant monthly increase, with 30.0 million, up 31,000 from the revised February 2023 figure. The UK unemployment rate in the December 2022 to February 2023 quarter increased by 0.1 percentage points to 3.8%. This increase was driven by people who had been unemployed for six months or less. Meanwhile, the economic inactivity rate fell by 0.4 percentage points in the same period, to 21.1% in December 2022 to February 2023. The decline was mainly due to a decline in the number of people aged 16 to 24 who were economically inactive. When looking at the reasons for economic inactivity, the decline was largely due to inactive students. In the January to March 2023 quarter, the number of job vacancies is expected to fall by 47,000 to 1,105,000. This is the ninth consecutive decline and reflects uncertainty across industries, with survey respondents citing economic pressures as the main factor holding back recruitment. Average total salary growth (including bonuses) was 5.9% in December 2022 to February 2023, while regular salary growth (excluding bonuses) was 6.6% among employees. Average regular salary growth for the private sector was 6.9% in the same period, while for the public sector it was 5.3%. Over the past few months, the gap between private and public sector wage growth has narrowed. In real inflation-adjusted terms, growth in total wages and regular wages fell in December 2022 to February 2023, by 3.0% for total wages and 2.3% for regular wages. The decline in real total wages was larger this year, with a 4.5% decline seen in February to April 2009, but this was still one of the largest declines since records began in 2001. In February 2023, labor disputes resulted in 348,000 workdays lost, up from 210,000 in January 2023. More than three-fifths of the strikes in February were in the education sector.

 

also read : UK Job Market Worsens & Rises 0.2%, Jobs Shrink Further

 

Governance of economic statistics after Brexit


Following the UK’s exit from the EU, new governance arrangements were put in place to support the implementation of high-quality standards for economic statistics in the UK. The aim was to improve international comparability and enhance the credibility and independence of the UK’s statistical system. A key component of this new governance framework was the establishment of the National Statistical Advisory Committee on Standards for Economic Statistics (NSCASE). NSCASE’s role is to ensure that the UK follows and adopts world-leading international statistical standards. The committee will advise the National Statistician on a range of aspects of economic statistics, including the national accounts, fiscal statistics, prices, trade and balance of payments, and labour market statistics. With improved governance arrangements in place, it is hoped that the UK’s statistical system will continue to produce data that is accurate, reliable and in line with international standards.

 


Warning!

This analysis is based on fundamental and technical views from trusted sources, not advice or invitation. Always remember that this content is intended to enrich the reader's information. Always use independent research first regarding other forex information to be used as a reference in your trading.  

 

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