UK labour market data, April 2016 - PwC comments

Published at 10:23 AM on 20 April 2016

 

In response to today’s UK labour market figures, John Hawksworth, chief economist at PwC, commented:

“The UK economy has been a great job creating machine for most of the past three years, but the latest data suggest that this has levelled off over the past three months. Employment is still rising, but only by around 20,000 relative to the previous three months, while the unemployment rate has held steady at 5.1%.

"Average earnings growth also remains moderate at around 2%, although this still represents a reasonable real increase as compared to consumer price inflation of only 0.5%. This still offers some support to consumer spending, together with the rising trend in employment over the past year and strong house price growth.

"These latest data are consistent with other evidence that UK growth slowed somewhat during the first quarter of 2016, reflecting a more fragile global economy and uncertainty related to the EU Referendum outcome in June. Time will tell whether this proves to be a temporary blip or a more pronounced slowdown, although our main scenario is still that the UK will achieve GDP growth of around 2% this year with the unemployment rate remaining around 5%."

Ends.

For further information please contact Tilly Parke: [email protected] / +44 20 7804 8761 


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