KPMG comments on today’s labour market figures - Nov 2022

“The labour market is still in a state of lull” says Yael Selfin, Chief Economist at KPMG UK. 

“The labour market is still in a state of lull” says Yael Selfin, Chief Economist at KPMG.

“The unemployment rate fell to 3.5% in the three months to August, its lowest level since 1974. The short-term unemployment rate, which leads the headline figure by around five months, also remained at its lowest level since records began, implying that even some short-term indicators still conceal the prospect of a potential rise in unemployment.

“The vacancy rate dropped to 4.1% on the quarter, although it’s still well above its level a year earlier. Anecdotal evidence suggests that although staff availability has improved in recent months, skill shortages and Brexit continue to weigh on the labour market.

“Pay growth continued to fall in real terms. While the ‘great resignation’ has helped many employees secure better paid jobs over the past year, the latest evidence points to a greater hesitancy to move jobs in light of the deteriorating economic outlook, which would inevitably keep a lid on pay demands.”


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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.

KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 145 countries and territories with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

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