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.”

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About Deloitte
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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.

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