UK payrolls 12-2021
  • Prior -49.8k
  • November ILO unemployment rate 4.1%
  • Prior 4.2%
  • November employment change
  • Prior 149k
  • November average weekly earnings +4.2% 3m/y
  • Prior +4.9%
  • November average weekly earnings (ex bonus) +3.8% 3m/y
  • Prior +4.3%

The number of payrolled employees in the UK rises further to 29.47 million in December, a jump of 0.6% on the month.

That continues to reflect a continuous and modest improvement in labour market conditions with the unemployment rate also falling further to 4.1% last month. That said, job vacancies continue to stick at record levels with Q4 recording 1,247,000 vacancies - an increase of 462,000 from the pre-pandemic quarter i.e. Q1 2020.

As such, there is a bit of a mixed tone to the report but I'd argue that markets will continue to lean towards a continued improvement as wage pressures are also showing signs of normalisation in the past few months.