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KPMG comments on today’s labour market figures

KPMG comments on Q3 2018 labour market figures

Yael Selfin, Chief Economist at KPMG UK, comments on today’s labour market figures:


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Yael Selfin, Chief Economist at KPMG UK, comments on today’s labour market figures:

“Today’s figures show the employment rate was at a record high of 75.7% between August and October 2018, while the unemployment rate remained at 4.1%, slightly higher than during the summer months .

“With the number of vacancies only marginally below Aug-Oct record high, and inactivity rate at record low, the UK labour market remains red hot. Many of our clients are concerned about labour availability, in particular those in hospitality, construction and logistics.

“Regular pay was up by 3.5% in October, while regular real earnings were up by 1.3%, putting more money in households’ pockets ahead of Christmas. However, the current political uncertainty and falling pound are likely to reverse some of the gains in real earnings, as import costs are likely to be on the rise. This could make the Bank of England more eager to raise interest rates as early as February.”


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Notes to Editors:

About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff. The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 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.

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