PAYstats Pay and Labour Market Statistics, December 2023

Latest pay and labour market statistics December 2023:

• The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 4.2% in the 12 months to November 2023, down from 4.7% in October.
• The Consumer Prices Index (CPI) rose by 3.9% in the 12 months to November 2023, down from 4.6% in October.
• Because of the increased uncertainty around the Labour Force Survey (LFS) estimates, the ONS are publishing an alternative series of estimates of UK employment and unemployment. These figures were derived using growth rates from Pay As You Earn Real-Time Information (excluding the early flash estimate) for the periods from May to July 2023 onwards. This is to provide a more holistic view of the state of the labour market while the LFS estimates are uncertain. These alternative estimates for August to October 2023 show that:
  • The UK employment rate (for those aged 16 to 64 years) was largely unchanged on the quarter at 75.7%.
  • The UK unemployment rate (for those aged 16 years and over) was largely unchanged on the quarter at 4.2%.
• In September to November 2023, the estimated number of vacancies in the UK fell by 45,000 on the quarter to 949,000.
• Annual growth in regular pay (excluding bonuses) in Great Britain was 7.3% in August to October 2023. Annual growth in employees' average total pay (including bonuses) was 7.2%.