Commenting on the latest labour market figures, published by the ONS today, Debapratim De, senior economist at Deloitte, said:

“The fall in the unemployment rate, now just above its pre-pandemic low, and rising job vacancies highlight a remarkably resilient labour market in the recovery from the pandemic.

“But other aspects have yet to improve. Unlike after the financial crisis, the recovery has so far struggled to attract older workers back into the workforce. Despite running well above pre-pandemic levels, wage growth lags behind surging inflation, suggesting a further weakening of consumer confidence and a continued squeeze on household spending power.”