HMRC Real Time Information submission have indicated a new record number of people on payroll according to the Office For National Statistics (ONS).
The UK employment rate was estimated at 75.7% in November 2022 to January 2023, 0.1 percentage points higher than the previous three-month period. The increase in employment was driven by part-time employees and self-employed workers.
The estimate of payrolled employees for February 2023 shows another monthly increase, up 98,000 on the revised January 2023 figures, to 30.0 million.
The ONS indicates that the growth in average total pay (including bonuses) was 5.7% and growth in regular pay (excluding bonuses) was 6.5% among employees in November 2022 to January 2023. Average regular pay growth for the private sector was 7.0% in November 2022 to January 2023, and 4.8% for the public sector.
In real terms (adjusted to take account of inflation), growth in total and regular pay fell on the year in November 2022 to January 2023, by 3.2% for total pay and by 2.4% for regular pay.
The go on to state that the unemployment rate for November 2022 to January 2023 was largely unchanged on the quarter at 3.7%. The number of people unemployed for over 12 months increased slightly in the latest three-month period.
The economic inactivity rate decreased by 0.2 percentage points on the quarter, to 21.3% in November 2022 to January 2023. The decrease in economic inactivity during the latest three-month period was driven by people aged 16 to 24 years. Looking at economic inactivity by reason, the quarterly decrease was driven by people inactive because they are students or retired.