PAYstats Pay and Labour Market Statistics, May 2024

Latest pay and labour market statistics May 2024:

• The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 3.0% in the 12 months to April 2024, down from 3.8% in the 12 months to March.
• The Consumer Prices Index (CPI) rose by 2.3% in the 12 months to April 2024, down from 3.2% in the 12 months to March.
• 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 (for people aged 16 to 64 years) was estimated at 74.5% in January to March 2024, below estimates of a year ago, and decreased in the latest quarter.
  • The UK unemployment rate (for people aged 16 years and over) was estimated at 4.3% in January to March 2024, above estimates of a year ago, and increased in the latest quarter.
• In February to April 2024, the estimated number of vacancies in the UK decreased by 26,000 on the quarter to 898,000.
• Annual growth in employees' average regular earnings (excluding bonuses) in Great Britain was 6.0% in January to March 2024, and annual growth in total earnings (including bonuses) was 5.7%.