Press releases

Deloitte’s chief economist labour market figures comment

13 December 2017

Commenting on the latest labour market figures, published this morning by the Office for National Statistics, Ian Stewart, chief economist at Deloitte, the business advisory firm, said:

“Despite uncertainties and slowing growth, unemployment has fallen far faster than expected this year. The UK has been hugely successful at getting people into work.

“It’s pretty remarkable that the UK today has a lower jobless rate than job-creating stars such as Denmark, Sweden and the Netherlands, and lower than in 24 of the 28 EU member states.

“Record job vacancies, low unemployment and slowing immigration should push wage growth up next year.

“The cloud on the horizon is that slowing growth next year is likely to put a brake on hiring. Our hunch is that the fall in the unemployment rate has probably bottomed out for this cycle.”

End

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 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.

Member of Deloitte Touche Tohmatsu Limited.

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