Wage growth looks to be easing somewhat, though it remains above levels consistent with the Bank of England’s inflation target. Falling inflation means real wages are now rising, but remain around £12,000 below pre-financial crisis trends. That’s the price of low growth over the last 15 years. It looks like lower inflation will be achieved without significant falls in employment. Extending employment support to all of the 3 million people out of work who would like a job can help to boost economic growth.

The publication of a wider set of labour market measures has again been pushed back while the ONS ensure they meet their quality standards. According to the experimental measures of unemployment, employment and economic inactivity that ONS are using at present, there has been a high degree of stability in the labour market in recent months. Vacancies remain 100,000 above pre-pandemic levels, but have been in continuous decline since Spring 2022.