May Labour Market Statistics: comment from the Institute for Employment Studies
Commenting on today’s figures, Naomi Clayton, Chief Executive at the Institute for Employment Studies said:
“The UK labour market remains weak. Vacancies have fallen to their lowest level since early 2021, early estimates suggest payrolled employment has dropped sharply and real pay growth has slowed to a standstill. Real pay growth in the private sector is below inflation and at its lowest level since 2020.
“While unemployment is at 5%, the youth unemployment rate remains nearly three times higher. With the Milburn review due to report this month, it is critical that the government builds a clear understanding of what is driving this increase and takes concerted action to ensure more young people can access support to find work and training opportunities.”