Quarterly PAYstats Pay and Labour Market Statistics, January 2024

Latest pay and labour market statistics January 2024:

• The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 4.2% in the 12 months to December 2023, the same rate as in November.
• The Consumer Prices Index (CPI) rose by 4.0% in the 12 months to December 2023, up from 3.9% in November.
• 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 alternative estimates for September to November 2023 show that:
  • the UK employment rate (for those aged 16 to 64 years) increased by 0.1 percentage points on the quarter to 75.8%
  • the UK unemployment rate (for those aged 16 years and over) was largely unchanged on the quarter at 4.2%
• In October to December 2023, the estimated number of vacancies in the UK fell by 49,000 on the quarter to 934,000.
• Annual growth in regular earnings (excluding bonuses) in Great Britain was 6.6% in September to November 2023, and annual growth in employees' average total earnings (including bonuses) was 6.5% in September to November 2023.