london skyline

United Kingdom Labor Market July 2022

United Kingdom: Labor market dynamics stay healthy

According to the ONS, in April–June the unemployment rate registered 3.8%, unchanged from the previous rolling quarter and close to its pre-pandemic level, while job vacancies eased in the three months to July but were still at a historically high level. Moreover, employment rose by 73,000 in July from June. That said, total earnings fell 2.5% year on year in real terms in the three months to June, due to surging inflation.

The latest data suggests the labor market is still in good shape. However, the fall in vacancies is a sign that the market is gradually losing steam, as the economic panorama grows more downbeat. Over the remainder of 2022, the unemployment rate is forecast to remain low by historical standards at close to 4%, before rising in 2023.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest