PAY GROWTH CONTINUES TO DISAPPOINT AND FALLS FURTHER BEHIND INFLATION
The latest ONS data covers the period from February 2022 to April 2022, providing a snapshot of labour market activity during a period in which all pandemic restrictions were lifted.
The latest data show signs that the labour market is still tight, with employment figures increasing, unemployment and economic inactivity decreasing, and vacancies at a new record high. Real time Pay-As-You-Earn data for May 2022 showed that the number of payrolled employees increased, up by 90,000 to a record 29.6 million. This was mainly spearheaded by the number of full-time employees, which has reached a record high over the previous quarter, but partially offset by a decrease in the number of part-time employees.