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DWF comments on Scotland labour market figures

Posted: 15th August 2023

During the period April to June 2023 Scotland’s labour market remained relatively robust despite the economic climate. The headline figures show an estimated employment rate of 74.2%, a decrease of 1.1% over the quarter which represents an increase in unemployment, a decrease in employment and an increase in the inactivity rate.  By way of comparison, Scotland’s estimated employment rate was below the UK rate of 75.7%.  Scotland’s unemployment rate was 4%, an increase of 0.9% over the quarter which was below the UK rate of 4.2%.  The estimated economic inactivity rate in Scotland was 22.6% an increase of 0.4% over the quarter.

Early seasonally adjusted estimates for July 2023 from HMRC Pay As You Earn Real Time Information indicate that median monthly pay for payrolled employees in Scotland was £2,297, representing an increase of 22.8% when compared to pre-pandemic figures from February 2020.  This increase is higher than the growth in median monthly pay for the UK over the same period.  With inflation remaining high employees have quite simply needed more money to live.  Employers are having to balance rising costs which they themselves are facing with meeting demands for increased pay in order to retain a stable workforce. The extent to which wage inflation continues, remains to be seen.

Business Comment

Business Comment is the Edinburgh Chamber of Commerce’s bi-monthly magazine. It provides insight on Edinburgh’s vibrant business community, with features on the city’s key sectors, interviews with leading figures and news on new business developments in the capital.
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