Latest pay and labour market statistics August 2020:
The Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate was 1.1% in July 2020, up from 0.8% in June 2020.
The Consumer Prices Index (CPI) 12-month rate was 1.0% in July 2020, up from 0.6% in June.
Early indicators for July 2020 suggest that the number of employees in the UK on payrolls is down around 730,000 compared with March 2020. Flows analysis suggests that the falls in May, June and July are mainly because of fewer people moving into payrolled employment.
Survey data show employment is weakening and unemployment is largely unchanged because of increases in economic inactivity, with people out of work but not currently looking for work.
Vacancies are showing increases in the latest period, driven by the smaller businesses, some of which are reporting taking on additional staff to meet COVID-19 guidelines.
The Claimant Count reached 2.7 million in July 2020, an increase of 116.8% since March 2020.
The three months to June 2020 saw strong falls in pay; total nominal pay fell by 1.2% on the year and regular nominal pay fell by 0.2% (the first negative pay growth in regular nominal earnings since records began in 2001).