Editor's message: The state of the economy in which an organisation operates will impact on its level of business, and how easy, or otherwise, it is to recruit and retain the staff it needs. HR and reward professionals can keep track of inflation rates, labour market data and other key economic indicators to understand the context in which their organisation is recruiting, retaining and rewarding its employees.
Official statistics from the Office of National Statistics show that, despite slow economic growth, the labour market has held up well and unemployment has fallen. Both CPI and RPI inflation measures show strong price rises, which is finally feeding through into upward pressure on pay awards and earnings.
Sheila Attwood, managing editor, pay and HR practice
A nationwide "lockdown" for everybody apart from key workers, announced by Boris Johnson last night, means that many employees will be working from home or unable to work at all from today.
Supermarkets including Tesco, Morrisons, Aldi and Asda have embarked on a hiring spree in order to meet high demand.
Updated to include official statistics from the ONS for January 2020 on days lost to labour disputes and the number of stoppages. The next ONS release date is 21 April 2020.
Updated to include official statistics from the ONS on average weekly hours worked in the UK for the three months to the end of January 2020. The next ONS release date is 21 April 2020.
Updated to include the latest official statistics from the ONS on employment and unemployment, and labour market forecasts from HM Treasury and ManpowerGroup. The next ONS release date is 21 April 2020.
Given the covid-19 coronavirus has now been declared a pandemic by the World Health Organisation, chancellor Rishi Sunak's Budget announcement yesterday was rightly focused on the how the Government would support employers and workers as the UK attempts to contain the spread of the virus.
Updated to include data for February 2020 on the availability and recruitment of permanent and temporary staff from IHS Markit/KPMG/Recruitment & Employment Confederation. The next figures are due to be published on 8 April 2020.
Updated to include the outlook on the services industry from the CBI Quarterly Service Sector Survey, February 2020.
HR and legal information and guidance relating to the economy.