PAYstats Pay and Labour Market Statistics, February 2024

Latest pay and labour market statistics February 2024:

• The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 4.2% in the 12 months to January 2024, the same rate as in December 2023.
• The Consumer Prices Index (CPI) rose by 4.0% in the 12 months to January 2024, the same rate as in December 2023.
• February 2024's release saw the reintroduction of Labour Force Survey data, which now include the latest population information. Because of increased volatility of Labour Force Survey estimates resulting from smaller achieved sample sizes, estimates of quarterly change should be treated with additional caution.
  • The UK employment rate (75.0%) for those aged 16 to 64 years remains below estimates a year ago (October to December 2022), but increased in the latest quarter.
  • The UK unemployment rate (3.8%) for those aged 16 years and over decreased in the latest quarter, returning to the rate a year ago (October to December 2022).
• In November 2023 to January 2024, the estimated number of vacancies in the UK fell by 26,000 on the quarter to 932,000.
• Annual growth in total earnings (including bonuses) in Great Britain was 5.8% in October to December 2023, and annual growth in employees' average regular earnings (excluding bonuses) was 6.2%.