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Economy

Sheila Attwood 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

New and updated

  • Business confidence: private sector

    Type:
    Indicators

    Updated to include the outlook on the manufacturing industry from the CBI Quarterly Industrial Trends Survey, January 2020.

  • Labour disputes

    Type:
    Indicators

    Updated to include official statistics from the ONS for November 2019 on days lost to labour disputes and the number of stoppages. The next ONS release date is 18 February 2020.

  • Working hours

    Type:
    Indicators

    Updated to include official statistics from the ONS on average weekly hours worked in the UK for the three months to the end of November 2019. The next ONS release date is 18 February 2020.

  • Employment

    Type:
    Indicators

    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 18 February 2020.

  • Inflation

    Type:
    Indicators

    Updated to include official inflation data from the ONS for December 2019, along with the latest forecasts from our panel of economists. The next ONS release date is 19 February 2020.

  • Recruitment

    Type:
    Indicators

    Updated to include data for December 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 7 February 2020.

  • Productivity continues to be outpaced by wage growth

    Date:
    9 January 2020
    Type:
    News

    The Office for National Statistics has published the latest productivity figures for the UK showing that output per hour rose only 0.1% in the third quarter of last year, compared to the same period in 2018.

  • Proportion of older workers grows rapidly

    Date:
    12 December 2019
    Type:
    News

    The gap between the employment rate of 50- to 64-year-olds and under-50s may be at its narrowest in 25 years as the proportion of older workers grows far more rapidly.

  • Hiring plans for Q1 weakest in seven years

    Date:
    11 December 2019
    Type:
    News

    Employers' hiring intentions are at their weakest in seven years with Brexit uncertainty, the general election and a slowing global economy all affecting their confidence.

  • Graduates take on second jobs to meet living costs

    Date:
    20 November 2019
    Type:
    News

    Recent university graduates are having to take on second jobs in order to pay their rent and cope with rising living costs.

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