What Does November’s Labour Market Mean For You?

What Does November’s Labour Market Mean For You?

What Does November’s Labour Market Mean For You?

The UK employment rate for July to September 2022 was 75.5%, largely unchanged on the previous quarter and 1.1 percentage points lower than before the coronavirus (COVID-19) pandemic (December 2019 to February 2020). Over the latest three-month period, the number of employees decreased, while self-employed workers increased.

The timeliest estimate of payrolled employees for October 2022 shows another monthly increase, up 74,000 on the revised September 2022 figures, to a record 29.8 million.

The unemployment rate for July to September 2022 decreased by 0.2 percentage points on the quarter to 3.6%. The number of people unemployed for all duration categories decreased in the latest three-month period.

In August to October 2022, the estimated number of vacancies fell by 46,000 on the quarter to 1,225,000. Despite four consecutive quarterly falls, the number of vacancies remain at historically high levels. An increasing number of businesses are now reporting holding back recruitment because of economic pressures. In real terms (adjusted for inflation) over the year, total pay fell by 2.6% and regular pay fell by 2.7%. This is slightly smaller than the record fall in real regular pay we saw in April to June 2022 (3.0%), but remains among the largest falls in growth since comparable records began in 2001.

To Summarise:

The employment rate is high at 75.5% and payrolled employees are increasing month on month.

We are still at historically high levels of job vacancies, but businesses can’t afford to spend money on recruitment because of the current cost of living crisis.

Wages in real terms are falling.

All of these things create difficulties for candidates looking for a new job or to switch careers. However, the situation is not impossible. So long as you are clear about your desired job and you make the most of yourself in your profile, top employers will be able to find you. And as Employin5 costs less than traditional recruitment methods by cutting out the middleman, you’ll still be able to match with the right employer for you.

Please read our guides for candidates to improve your profile as much as possible, and to take advantage of any interview you might have with a prospective employer.

Our Guides for Candidates:


With Employin5 don’t search, be found.


Office for National Statistics (ONS), released 11 October 2022, ONS website, statistical bulletin, Labour market overview, UK: November 2022

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