Yesterday, the Office for National Statistics (ONS) released the latest labour market data including insights on the unemployment rate, economic inactivity, vacancies, and pay growth.
Recruitment experts, Pertemps, have produced a summary of the data for small businesses.
Overall trends – February 2025
Market Overview: Between October and December 2024, wage growth remained strong, unemployment and employment levels both rose, and economic in inactivity marginally fell but remains high.
Employment rate 74.9%: The employment rate for ages 16-64 is 74.9%. This is up on the quarter and above estimates from last year.
Unemployment rate 4.4%: The unemployment rate for ages 16+ remains at 4.4%. This is up on the quarter and above estimates from last year.
Economic Inactivity 21.5%: The economic inactivity rate (people of work age not seeking work) slightly decreased to 21.5%, mainly due to fewer individuals citing caring responsibilities or health issues as reasons for inactivity.
