Omicron fails to derail UK labour market recovery as unemployment falls

Wage growth outpaced by inflation

clock • 2 min read
Number of job vacancies hit a record high in November to January 2022
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Number of job vacancies hit a record high in November to January 2022

The UK labour market has continued to recover as the latest official figures showed unemployment fell and job vacancies reached a record high.

According to the Office for National Statistics (ONS), estimates for the period October to December 2021 revealed "a continuing recovery in the labour market" compared with the previous three-month period, with a 0.1 percentage point increase in the employment rate to 75.5%, and a 0.2 percentage points decrease in the unemployment rate to 4.1% However, the economic inactivity rate increased on the quarter to an estimated 21.2%, or 0.1 percentage points higher than the previous quarter. Paul Craig, portfolio manager at Quilter Investors, said the Omicron variant of Covid-19 "appears to...

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