PAYstats Pay and Labour Market Statistics, March 2024

Latest pay and labour market statistics March 2024:

• The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 3.8% in the 12 months to February 2024, down from 4.2% in January.
• The Consumer Prices Index (CPI) rose by 3.4% in the 12 months to February 2024, down from 4.0% in January.
• 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.
  • In November 2023 to January 2024, the UK employment level (for those aged 16 years and over) is up on the year but down on the quarter.
  • The UK employment rate (for those aged 16 to 64 years) was estimated at 75.0% in November 2023 to January 2024, below estimates of a year ago and down in the latest quarter.
• In December 2023 to February 2024, the estimated number of vacancies in the UK fell by 43,000 on the quarter to 908,000.
• Annual growth in total earnings (including bonuses) in Great Britain was 5.6% in November 2023 to January 2024, and annual growth in employees' average regular earnings (excluding bonuses) was 6.1%.