Part-time workforce grows
A vision of the post-pandemic economy is beginning to take shape — and so far it looks like one in which there are more part-time jobs while real earnings decline.
Going up are consumer price inflation, employment and vacancies.
Payrolled employment was up by 184,000, some 409,000 above its pre-coronavirus level. The employment rate increased to 75.5% and job vacancies rose to a new record of 1,247,000.
Going down are the unemployment and redundancy rates but also the value of average weekly earnings after inflation.
Big earnings growth rates last year (when compared with peak furlough levels in 2020) have subsided to 3.5%, well below inflation.
Impressive pay rises are being won in some sectors, but the overall LRD Payline pay settlement median, while it has risen, is still well behind the increasing cost of living.
Official statistics show that it is the part-time workforce that has been growing since the middle of last year.
Despite increased employment, total hours worked are still below pre-pandemic levels — a recipe, perhaps, for more lower-paid work.
https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours