According to recent official data on the UK labour market, the number of full-time employees is at an all-time high, while the number of vacancies rose to a record 1.3 million. However, the data also highlighted some early signs that the current state of the job market could be set to turn, with hiring slowing and unemployment edging up.
The Office for National Statistics reported that the employment rate rose to 75.6% in the three months to April, up 0.2% on the quarter, a bigger rise than economists had anticipated. This was driven by full-time employment, as part-time work and self-employment remain below pre-pandemic levels.
Vacancies, remain at a record high once again, but saw a significant slowed growth rate compared to previous months. Unemployment rose in April, taking the jobless rate over 3.8% – a small increase from the 50-year low recorded a month earlier.