Retail Economics response: UK Labour Market October 2018 (ONS)

The latest labour market data from the ONS showed the number of people in work and the number of unemployed people both increased but the number of people aged from 16 to 64 years not working and not seeking nor available to work (economically inactive) was little changed.

The unemployment rate stood at 4.1%, up on the previous period but down from 4.3% a year earlier.

In the three months to September, the number of people in employment rose 21,000 on the previous period but fell 43,000 on a year earlier.

Figure 1 – UK employment rate (people aged 16-64, seasonally adjusted) July-September 2013-2018

Source: ONS

For the three months to September, 75.5% of people aged from 16 to 64 were in work, little changed from the previous period but up from 75.0% a year earlier.

Latest estimates show that average weekly earnings for employees in Great Britain in nominal terms increased by 3.2% excluding bonuses and 3.0% including bonuses, compared with a year earlier.

Real earnings growth remains in positive territory, with average earnings (including bonuses) currently 0.6% above CPI inflation.

Figure 2 – Great Britain average weekly earnings excluding bonuses annual growth rates, seasonally adjusted, July-September 2013-2018

Source: ONS

For September 2018 in nominal terms (that is, not adjusted for price inflation):

average regular pay (excluding bonuses) for employees in Great Britain was £493 per week before tax and other deductions from pay, up from £478 per week for a year earlier

average total pay (including bonuses) for employees in Great Britain was £524 per week before tax and other deductions from pay, up from £510 per week for a year earlier

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