Yael Selfin, Chief Economist at KPMG UK, comments on today’s labour market figures.
Yael Selfin, Chief Economist at KPMG UK, comments on today’s labour market figures:
“Record level of employment saw the UK unemployment rate at 4% in the three months to November 2018. Workers saw another uptick in pay, with regular pay increasing by 3.3% in year on year terms.
“A picture of increasing shortages of workers underlies the data. Earlier this month, the KPMG-REC survey reported the slowest rate of increase in permanent appointments since April 2017 as well as a sharp fall in the numbers of candidates applying for vacancies. The ability to find the right staff will be an acute concern for UK businesses.
“The UK labour market could enter a perfect storm of declining worker availability and a tight domestic labour market. These shortages could be more acute across regional labour markets, especially considering the rate of unemployment has reached 3.1% in the East and the South West of England already.”
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Notes to Editors:
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 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.