United Kingdom Labor Market February 2022

United Kingdom

United Kingdom: Labor market performs strongly in Q1 2022

April 12, 2022

According to the ONS, in December–February the unemployment rate registered 3.8%, down 0.1 percentage points from the previous rolling quarter, while job vacancies set a new record high in the three months to March. That said, experimental data for March showed that employment rose by only 35,000 from February, while regular pay fell in real terms in the three months to March due to surging inflation.

Looking forward, while the labor market is forecast to remain fairly tight in the coming quarters as economic growth continues, rising inflation will likely continue to eat into wages.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 4.1% in 2022, which is down 0.1 percentage points from last month’s forecast, and 4.0% in 2023.


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United Kingdom Labor Market Chart

United Kingdom Unemployment February 2022 0

Note: Three-month average of the unemployment rate in %.
Source: Office for National Statistics (ONS).

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