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 2019 on days lost to labour disputes and the number of stoppages. The next ONS release date is 12 November 2019.
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 2019. The next ONS release date is 12 November 2019.
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 12 November 2019.
Updated to include data for September 2019 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 November 2019.
Updated to include the outlook on the financial services industry from the CBI/PricewaterhouseCoopers Financial Services Survey, September 2019.
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Political and economic uncertainty continues to affect the labour market as data from the Recruitment & Employment Confederation and KPMG showed that permanent placements fell at the quickest rate for more than three years.
The number of EU citizens moving to the UK to work has continued to fall, prompting business bodies to reiterate their calls for a transition period ahead of any new immigration system so employers can access the labour they need.
HR and legal information and guidance relating to the economy.