Bill Robinson, Chief Economist at KPMG UK responds to today’s ONS Labour Market statistics.
“Today’s ONS figures confirm that real incomes are rising strongly, with wages up 3.2 per cent year on year against a background of broadly stable prices. In the context of a continuing recovery sustained by growth of real incomes and consumption, it is surprising that employment fell. While downward blips are not unknown – the last was in early 2013 – this one is more unexpected given that the recovery is now much better established. If output growth is sustained, these figures could be the first signs of the recovery in productivity which will be necessary to support the growth of real incomes in the longer term.”
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Ann Burton, KPMG Press Office
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.