Omicron fails to derail UK labour market recovery as unemployment falls

Wage growth outpaced by inflation

clock • 2 min read

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...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Markets

Hotter than expected US inflation tempers Fed rate cut expectations

Hotter than expected US inflation tempers Fed rate cut expectations

Annual price growth falls to 3.1%

clock 13 February 2024 • 1 min read
Investors turn defensive in January as rate cut expectations change

Investors turn defensive in January as rate cut expectations change

State Street Risk Appetite index

clock 08 February 2024 • 1 min read
London remains 'key destination' for IPOs

London remains 'key destination' for IPOs

KMPG survey of ECM leaders

Cristian Angeloni
clock 15 January 2024 • 2 min read
Trustpilot