UK wide data
The latest ONS figures for the UK show a steady labour market despite the UK's ongoing economic struggles. The highlights for the period between July and September 2022 show an employment rate of 75.5%, largely unchanged compared with the previous quarter. The UK unemployment rate was estimated at 3.6%, which is 0.2% lower than the previous quarter.
Commenting on the UK data, Joanne Frew, Global Head of Employment and Pensions at DWF, says: "The UK economy is certainly facing a challenging period with soaring inflation and the Bank of England warning that the UK could be set for its longest recession since records began. The Chancellor, Jeremy Hunt, is due to deliver his Autumn Statement on Thursday 17 November and has already warned that tax rises are necessary to help tackle inflation. Against this backdrop it is likely that the labour market will face a relatively turbulent time."
The latest labour market trends in Scotland also remain relatively stable despite the challenging economy. The headline figures for the period between July and September 2022 show an estimated employment rate of 75.3%, a decrease of 0.1% over the quarter. By way of comparison Scotland's estimated employment rate was marginally below the UK rate of 75.5%. Scotland's unemployment rate was 3.5%, an increase of 0.3% over the quarter. Scotland's unemployment rate was slightly below the UK rate of 3.6%.
Commenting on the Scottish figures, Ann Frances Cooney, partner leading the Scottish employment law practice at DWF, added: "Despite the ongoing resilience of the market during the pandemic, it is likely that the economic difficulties will lead to more job losses over the coming months.
"The labour market has been particularly active in Scotland over recent months with the so called "Great Resignation", however we may see a decline in the number of people moving jobs in the face of such economic uncertainty."