UK Payrolls Climb for Ninth Straight Month, But Job Vacancies Surge to All-Time High

Source: Office for National Statistics

Payroll employees climbed for the ninth straight month to return to pre-pandemic levels in August, but job vacancies climbed to all-time highs. EWU is up 0.86%.

• Payroll employees jumped 241,000 to 29.1 million, marking a return to levels seen before the COVID-19 pandemic in February 2020.
• Growth was seen in all regions which also rose above pre-pandemic levels, except for London, Scotland, and South East.
• The May to July employment rate increased to 75.2%, while the unemployment rate fell to 4.6%.
• The economic inactivity rate slipped to 21.1%, mainly driven by the youth or individuals aged 16 to 24.
• Vacancies soared to 1.034 million, the first time breaching the 1 million level. This is also 249,000 higher than pre-pandemic levels.
• Average total pay including bonuses grew 8.3%, while regular pay excluding bonuses grew 6.8% in the three months to July.