Labour Costs in the United Kingdom increased to 113.10 points in the third quarter of 2024 from 111.90 points in the second quarter of 2024. This dataset 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.

Index of Labour Costs per Hour (ILCH) values and yearly and quarterly growth for industries and sectors, UK, seasonally adjusted.

Unit labour cost, average labour compensation per hour worked, labour share and unit wage cost for the whole UK economy, unit wage cost for manufacturing.

Unit labour costs (ULCs) reflect the full labour costs incurred in the production of a unit of economic output, including social security and employers’ pension contributions.

Forecast: Labour Costs in Real Estate in the UK 2024 - 2028 Discover more data with ReportLinker!

Forecast: Labour Costs in Employment Services in the UK 2024 - 2028 Discover more data with ReportLinker!

In 2023, the cost of work in the construction sector in the United Kingdom (UK) represented around 58 percent of that industry's income. This measure, also known as labor share of income, has fallen significantly in 2022 and 2023. The relative cost of staff peaked in 2009, when it represented approximately 73 percent of the construction income. Two key factors can affect these figures: the evolution of construction salaries in the UK and the overall income of the industry. In times of inflation, a decline in the labor share of income could signal that the cost of work has increased at a slower pace than construction prices.

Forecast: Labour Costs in Human Health Services in the UK 2024 - 2028 Discover more data with ReportLinker!

The average hourly labor cost in the European Union in 2023 was 31.8 euros, with the highest average among EU member states ranging from 53.9 euros in Luxembourg, to approximately nine euros in Bulgaria.

In 2021, the total cost of employment for warehouse and storage enterprises in the United Kingdom (UK) amounted to over seven billion British pounds. That was the highest figure recorded and a substantial increase from the year before, when the employment costs in the industry were under six billion British pounds.

This statistic shows the cost of labour in sea fish processing in the United Kingdom (UK) between 2008 and 2014. The cost of labour in sea fish processing decreased over the observed period to approximately 369 million British pounds in 2014.

Forecast: Labour Costs in Agriculture, Forestry and Seafood in the UK 2024 - 2028 Discover more data with ReportLinker!

Forecast: Labour Costs in Transportation and Warehousing in the UK 2024 - 2028 Discover more data with ReportLinker!

According to the forecasts of the staff of the Eurosystem - the group of central banks of countries which use the Euro as their currency - the rate of increase in unit labor costs (the labor cost at which one unit of production is produced) will decrease considerably over the coming years, declining from a rate of 6.1 percent in 2023, to 4.1 percent in 2024 and 2.6 percent in 2025. This decrease in unit labor costs is set to be driven by a slowing in the growth of compensation per employee, which will decline from 5.3 percent in 2023 to 4.6 percent in 2024, coupled with an increase in labor productivity, the total output per person employed.

In January 2025, the employment rate in the United Kingdom was 74.9 percent, up from 74.7 percent in the same period a year earlier. After almost dropping below 70 percent in 2011, the employment rate in the United Kingdom started to climb at a relatively fast pace, peaking in early 2020. Due to the onset of the COVID-19 pandemic, however, the employment declined to 74.6 percent by January 2021. Although not quite at pre-pandemic levels, the employment rate has since recovered. Hot UK labor market cools in 2023 Although unemployment in the UK spiked at 5.1 percent in the aftermath of the COVID-19 pandemic, it fell throughout most of 2022, to just 3.6 percent in August 2022. Around that time, the number of job vacancies in the UK was also at quite high levels, reaching a peak of 1.3 million by May 2022. The strong labor market put employees in quite a strong position, perhaps encouraging the high number of resignations that took place around that time. While wage growth has also been strong since 2022, these gains were cancelled-out for a long period between 2021 and 2023 when inflation grew faster than wages. By July 2023, unemployment had bounced back to 4.3 percent, while the number of job vacancies fell below one million in August 2023 for the first time since August 2021. UK in recession at end of 2023 Although the UK labor market has loosened since 2022, it has generally remained in good health, with unemployment low by historical standards. Inflation also fell throughout 2023, from 10.1 percent at the beginning of the year, to four percent by December. Getting inflation down to more acceptable levels, however, came at the expense of raising the Bank of England's already high-interest rate throughout 2023. The knock-on effect of higher borrowing costs likely did little to spur economic growth that year, with GDP growing by just 0.1 percent in 2023. Even this meager economic growth was only achieved due to growth in the first half of the year. In the second half of 2023, the economy shrank in two consecutive quarters, meaning the UK is officially in recession heading into a probable election year.

This dataset contains the indices of UK hourly Construction Wage Costs (quarterly; not seasonally adjusted; 2000 = 100) and UK Construction Material Prices for New Housing, Other New Work, Repair and Maintenance, and All Work (monthly; 2010 = 100).

The employment costs of the chemicals and chemical products manufacturing industry in the United Kingdom increased from five billion British pounds in 2021 to over 5.2 billion British pounds in 2022.Find more statistics on the chemicals and chemical products manufacturing industry in the United Kingdom with key insights such as production value, or turnover.

(CDID: FZLR) Quarter - Unit labour cost and unit wage cost time series Unit labour cost, average labour compensation per hour worked, labour share and unit wage cost for the whole UK economy, unit wage cost for manufacturing.

Forecast: Labour Costs in Leather Products in the UK 2024 - 2028 Discover more data with ReportLinker!