LABOUR MARKET OVERVIEW – July 2022

REAL PAY GROWTH CONTINUES TO DISAPPOINT LEADING TO A SQUEEZE ON PAY PACKETS

The latest data covers the period from March 2022 to May 2022 and shows a continued tightening of the labour market, with employment increasing, unemployment and economic inactivity decreasing, and vacancies still at record high levels. Real time Pay-As-You-Earn data for June 2022 showed that the number of payrolled employees increased, up by 31,000, 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.

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