KPMG comments on today’s labour market figures

“Tight labour market remains a challenge for businesses” says Yael Selfin, Chief Economist at KPMG UK. 

“Latest data show UK job vacancies continue to match the number of unemployed people, with the vacancy rate reaching another record high.

“A key question looking ahead will be whether the squeeze on household budgets will result in a lower demand for staff as businesses adjust their hiring needs against the backdrop of weaker activity.

“The unemployment rate rose to 3.8% in the three months to April, owing to an uptick in the single-month rate in the final month. However, the redundancy rate fell to its lowest level on record, suggesting that a further sharp rise in unemployment would be unlikely in the short term.”

 

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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 15,300 partners and staff.  The UK firm recorded a revenue of £2.43 billion in the year ended 30 September 2021.

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