Press releases

Deloitte senior economist comments on today's labour market figures

17 May 2022

Commenting on labour market figures, published by the ONS today, Debapratim De, senior economist at Deloitte, said:

“Despite a significant slowdown in activity over the first quarter, the unemployment rate fell to its lowest level in almost half a century and job-to-job moves reached a record high. These are signs of a remarkably strong labour market.

“The higher than expected income growth figure, which outpaced inflation, will be the subject of close scrutiny by the Bank of England, focussed on ensuring high inflation doesn't become the primary factor driving wage negotiations. As consumer demand responds to the substantial squeeze on spending power, unemployment is expected to rise over the summer months. But, with a labour market this strong, a sharp spike seems unlikely.”

- ENDS -

 

About Deloitte
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.

Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NWE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.

The information contained in this press release is correct at the time of going to press.

For more information, please visit www.deloitte.co.uk

Fullwidth SCC. Do not delete! This box/component contains JavaScript that is needed on this page. This message will not be visible when page is activated.

Did you find this useful?