“Rising employment levels have injected a new energy into the economy. But jobseekers are still waiting to benefit from this stronger financial outlook. Advertised salaries are slipping as employers prioritise retaining employees as a money-saving strategy. Pressures to provide Internal training and invest in the current workforce are leaving little money for new hires.
“Progress depends on productivity, and this certainly needs to increase further if the jobs market is to fully function on all levels. As the backbone of the UK economy, momentum in the jobs market needs to continue if it is to finish the year with a flourish.”
- UK GDP in volume terms is estimated to have increased by 0.4% between Quarter 2 (Apr to June) 2015 and Quarter 3 (July to Sept) 2015.
- Between 2013 and 2014, GDP increased by 2.9%, remaining in line with the pre-downturn (1997 to 2007) annual average of 3.0%.
- On a year-on-year basis, between Quarter 3 2014 and Quarter 3 2015, GDP in volume terms increased by 2.1%, revised down 0.2 percentage points from the previously published estimate.
- GDP per head in volume terms is estimated to have increased by 0.3% between Quarter 2 2015 and Quarter 3 2015. Between 2013 and 2014, GDP per head increased by 2.1%.
- Real household disposable income increased by 0.5% between Quarter 2 2015 and Quarter 3 2015.
- UK Labour Productivity in terms of output per hour grew by 0.5% from the second to the third calendar quarter of 2015 to the highest level ever recorded for this series – however still 13% below pre-downturn trend levels.
- By contrast, output per worker and output per job decreased by 0.2% and 0.1%, respectively, as a result of average hours decreasing in Q3.
- Productivity is above the UK average in London and the South East region, and well below the UK average in Wales and Northern Ireland.
