Survey: UK labour market: March 2018

The latest statistical bulletin from the Office for National Statistics revealed that the labour market has continued its strong performance, however pay levels remain low against the rate of inflation.

Key findings:

• Estimates from the Labour Force Survey show that, between August to October 2017 and November 2017 to January 2018, there were 32.25 million people in work, 402,000 more than a year earlier.
• The employment rate was 75.3 per cent, higher than for a year earlier (74.6 per cent) and the joint highest since comparable records began in 1971.
• Latest estimates show that average weekly earnings in real terms (adjusted for price inflation) fell by 0.2 per cent excluding bonuses, but were unchanged including bonuses, compared with a year earlier.
• Average weekly earnings in nominal terms (not adjusted for price inflation) increased by 2.6 per cent excluding bonuses, and by 2.8 per cent including bonuses, compared with a year earlier.