Unit labor costs in the UK rose by 7.2 percent from a year earlier in the fourth quarter of 2020, driven almost entirely by a 6.4 percent increase in labor costs per hour, and to a much lesser extent by a 0.7 percent decline in output per hour. source: Office for National Statistics
Labour Costs in the United Kingdom averaged 65.81 points from 1977 until 2020, reaching an all time high of 115 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 May of 2021.
Labour Costs in the United Kingdom is expected to be 117.53 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 113.90 in 12 months time. In the long-term, the United Kingdom Labour Costs is projected to trend around 115.50 points in 2022 and 117.69 points in 2023, according to our econometric models.