United Kingdom Labour Costs - Forecast

Labour Costs in the United Kingdom is expected to be 106.00 Index Points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Labour Costs in the United Kingdom to stand at 107.50 in 12 months time. In the long-term, the United Kingdom Labour Costs is projected to trend around 110.00 Index Points in 2020, according to our econometric models.


Forecast Data Chart
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United Kingdom Labour Last Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 4 4.2 4.4 4.5 4.5 5.1
Employed Persons 32394 32510 32580 32620 32710 33700
Unemployed Persons 943 942 951 955 964 1015
Part Time Employment 8538 8460 8420 8400 8420 8190
Full Time Employment 23859 24050 24160 24220 24290 25510
Employment Rate 75.5 75.2 75.2 75.1 75 74.6
Claimant Count Change 18.5 10 5 7 11 6
Labor Force Participation Rate 78.8 80 79.9 79.9 80.2 81
Long Term Unemployment Rate 1.1 1.2 1.3 1.4 1.4 1.7
Youth Unemployment Rate 11 11.2 11.3 11.5 11.5 11.9
Productivity 102 103 103 104 105 108
Labour Costs 104 106 106 107 108 110
Job Vacancies 833 815 820 819 814 792
Wages 520 522 524 526 529 539
Wage Growth 2.7 3 3.2 3.4 3.2 2.8
Wages in Manufacturing 603 603 605 607 609 619
Minimum Wages 7.83 7.83 8 8 8 8.5
Population 66.19 66.19 66.36 66.36 66.36 66.98
Retirement Age Women 65 65 65.5 65.5 65.5 66
Retirement Age Men 65 65 65.5 65.5 65.5 66
Living Wage Family 1280 1350 1440 1440 1440 1520
Living Wage Individual 970 1170 1290 1290 1290 1370
Wages Low Skilled 1330 1350 1450 1450 1450 1550
Wages High Skilled 2210 2360 2410 2410 2410 2490
Average Weekly Hours 31.9 32.2 32.2 32.3 32.3 32.3
Employment Change -5 150 100 85 -82 110