The UK employment market is seeing steady growth in the number of jobs available and a falling unemployment rate.
The latest data released by the Office for National Statistics (ONS) in January 2023 shows a strong picture.
Overview of UK Employment in January 2023
The ONS data shows the employment rate in the UK was estimated at 76.3%, with 32.9 million people in employment.
What this means is an increase of 1.4 million people compared to January 2022, which is a new record high.
The unemployment rate fell to 4.7 percent.
This means 1.7 million people are currently unemployed.
This is a drop of 0.2 percentage points compared to the previous year.
Breakdown of Employment by Region
The data shows it is clear that some areas of the UK have experienced stronger growth than others.
The East of England had the highest employment rate, at 80.5 percent, while the North East had the lowest, at 71.7 percent.
The employment rate in London was estimated at 75.2 percent.
Breakdown of Status by Age and Gender
The employment rate for women was 71.5 percent, while for men, it was estimated at 80.9 percent.
Young people aged 16-24 had an employment rate of 56.5 percent, while those aged 25-34 had an employment rate of 82.3 percent.
The employment rate for those aged 65 and over was estimated at 45.3 percent.
Despite the high rate of employment, the number of job vacancies in the UK has increased, with an estimated 754,000 jobs available.
This is an increase of 23,000 compared to January 2022 and is another record high. ]
The highest vacancies were in retail, health and social care, with around one in four of all the vacancies available in these areas.
Alex McDowell, Global Partnership Director at WhatJobs.com, said:
” Employment in the UK remains strong, with steady growth in the number of jobs available and a decreasing unemployment rate. “While some regions have experienced stronger growth than others, and there is still a gender and age gap in employment rates, the overall picture is positive. With many job vacancies available, now is a good time for job seekers to start their search for a new role.”
Alex McDowell is the Global Partnership Director at WhatJobs.com. For more information, please visit WhatJobs/About
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