Press releases

Deloitte senior economist comments on today's labour market figures

15 March 2022

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

“The fall in the unemployment rate, now just above its pre-pandemic low, and rising job vacancies highlight a remarkably resilient labour market in the recovery from the pandemic.

“But other aspects have yet to improve. Unlike after the financial crisis, the recovery has so far struggled to attract older workers back into the workforce. Despite running well above pre-pandemic levels, wage growth lags behind surging inflation, suggesting a further weakening of consumer confidence and a continued squeeze on household spending power.”

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Notes to editors

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 NSE 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

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