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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