Labour Costs in the United Kingdom decreased to 107.30 points in the second quarter of 2021 from 110.10 points in the first quarter of 2021. source: Office for National Statistics

Labour Costs in the United Kingdom averaged 45.64 points from 1955 until 2021, reaching an all time high of 111.60 points in the second quarter of 2020 and a record low of 4.60 points in the first quarter of 1955. This page provides the latest reported value for - United Kingdom Labour Costs - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom Labour Costs - data, historical chart, forecasts and calendar of releases - was last updated on October of 2021.

Labour Costs in the United Kingdom is expected to be 112.51 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Labour Costs is projected to trend around 117.01 points in 2022 and 119.70 points in 2023, according to our econometric models.

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United Kingdom Labour Costs

Calendar GMT Actual Previous Consensus TEForecast
2018-01-05 09:30 AM Q3 0.4% 0.7%

Related Last Previous Unit Reference
Unemployment Rate 4.50 4.60 percent Aug/21
Unemployed Persons 2112.80 2163.90 Thousand Sep/21
Employed Persons 32416.00 32357.00 Thousand Jul/21
Full Time Employment 24440.00 24526.00 Thousand Jul/21
Part Time Employment 7976.00 7831.00 Thousand Jul/21
Claimant Count Change -51.10 -58.60 Thousand Sep/21
Employment Rate 75.30 75.20 percent Jul/21
Labor Force Participation Rate 78.90 78.90 percent Jul/21
Youth Unemployment Rate 12.20 12.90 percent Jul/21
Productivity 101.70 101.60 points Jun/21
Labour Costs 107.30 110.10 points Jun/21
Job Vacancies 1102.00 1036.00 Thousand Aug/21
Wages 581.00 578.00 GBP/Week Aug/21
Wages in Manufacturing 638.00 643.00 GBP/Week Aug/21
Wage Growth 7.20 8.30 percent Aug/21
Population 67.20 66.80 Million Dec/20
Non Farm Payrolls 29180.00 28973.00 Thousand Sep/21
Average Weekly Hours 31.50 31.10 Hours Jul/21
Employment Change 235.00 183.00 Thousand Jul/21
United Kingdom Labour Costs
In the UK, unit labour costs (ULCs) reflect the full labour costs, including social security and employers’ pension contributions, incurred in the production of a unit of economic output. Changes in labour costs are a large factor in overall changes in the cost of production. If increased costs are not reflected in increased output, for instance, this can put upward pressure on the prices of goods and services – sometimes referred to as “inflationary pressure”.