Unit labour costs in the UK rose by 27.4 percent from a year earlier in the second quarter of 2020, the largest increase since records began in 1977, driven by a fall in gross value added over the quarter. Also, government programmes for furloughed workers have helped keep labour costs elevated despite the fall in production activities. source: Office for National Statistics
Labour Costs in the United Kingdom averaged 65.39 points from 1977 until 2020, reaching an all time high of 131.40 points in the second quarter of 2020 and a record low of 19.60 points in the first quarter of 1977. 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 2020.
Labour Costs in the United Kingdom is expected to be 102.41 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 132.71 in 12 months time. In the long-term, the United Kingdom Labour Costs is projected to trend around 103.54 points in 2021 and 105.09 points in 2022, according to our econometric models.