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
Updated to include official statistics from the ONS for August 2018 on days lost to labour disputes and the number of stoppages. The next ONS release date is 13 November 2018.
Updated to include official statistics from the ONS on average weekly hours worked in the UK for the three months to the end of August 2018. The next ONS release date is 13 November 2018.
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 13 November 2018.
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Our analysis of pay awards in the chemicals, pharmaceuticals and oil sector over the past year finds them among some of the highest across the economy.
Pay settlements in the construction sector have remained stable over the past year, although some of the industry-wide deals have resulted in more generous awards.
Wage rises in the hotels, catering and leisure sector have kept up with those across the economy as a whole, with many employees gaining from increases to the national minimum wage rates.
Pay awards in the information and communication sector have risen over the past year, with pay awards based on performance giving rise to particularly healthy increases.
Pay awards in the professional and business services sector have not kept pace with those in other sectors of the economy, our analysis of pay settlements over the past year finds.
HR and legal information and guidance relating to the economy.