Labour market data - PwC chief economist comments

Published at 11:06 AM on 17 April 2015

In response to new labour market data released today, John Hawksworth, PwC’s chief economist, said:

“There was more good news on the labour market today with employment rising by nearly a quarter of million relative to the previous quarter and the unemployment rate down to 5.6%, the lowest since mid-2008. Most of the rise in unemployment caused by the global financial crisis has now been reversed.

“There are also some signs of the labour market tightening, with the number of vacancies rising to the highest level since comparable records began in 2001 and regular pay growth picking up gradually to 1.8%. With consumer price inflation stuck at zero, this represents a welcome rise in real earnings after six years of decline since 2008.

“Looking back over the past five years, average real earnings are around 4.4% lower, but employment has risen by around 6.5% over the same period. In this way, the pain of recession has been spread more widely than in past downturns in the early 1980s and early 1990s, with more jobs being created but at lower average rates of pay."

Ends

 

Gill Carson
PwC | Media Relations Manager
Office: 020 7212 1391 | Mobile: 07837 285466
Email: [email protected]
PricewaterhouseCoopers LLP
twitter: @gill_carson


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