KPMG in the UK comments ONS labour market statistics | KPMG | UK

KPMG in the UK comments on ONS labour market statistics

KPMG in the UK comments ONS labour market statistics

Yael Selfin, KPMG Chief Economist in the UK commented on the latest UK labour market statistics published today:

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Yael Selfin, KPMG Chief Economist in the UK commented on the latest UK labour market statistics published today:

“Today’s figures confirm that the UK labour market remains tight, with an unemployment rate of only 4.3% and the number of people outside the labour market rising slightly. This points to a possible source of future labour for employers to consider. With the economy continuing to grow, demand for labour is unlikely to diminish, while a weaker pound and the prospects of exiting the EU is likely to put some strain on the availability of EU workers going forward. The unemployment rate could therefore fall below the current Bank of England expectations.

“Households have so far not benefited fully from the scarcity of available workers. While the availability of employment opportunities has been relatively high, wages have failed to increase above inflation, leaving households financially worse off largely since the start of the year. That pressure is expected to ease only gradually next year as inflation moderates, but could leave households with weaker purchasing power than before for some time."


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