Labour market update February 2013

Labour market update February 2013
Document type
Report
Corporate author(s)
Confederation of British Industry
Publisher
CBI
Date of publication
1 February 2013
Series
Labour Market Update. February 2013
Subject(s)
Trends: economic, social and technology trends affecting business, People management: all aspects of managing people
Collection
Business and management
Material type
Reports

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The monthly CBI Labour market update monitors changes in the labour market, which is critical to business given employment levels provide an important indication of the level and growth of economic activity.

The February 2013 issue shows that full-time jobs are being created, but caution on pay grows. Key points include:

  • Against a drop in GDP of 0.3%, the labour market ended the last quarter of 2012 on a strong note. Employment rose by 154,000 in the three months to December, up from 90,000 in the three months to November.
  • This was driven entirely by people working full-time. Full-time employment increased by an exceptionally strong 198,000, the greatest increase since records began in 1992.
  • However the decline in unemployment decelerated at the end of 2012. Unemployment fell by only 14,000, the smallest fall in five months.
  • At the same time cautious pay awards, a broadly flat number of vacancies and a rise in redundancies show that, while the labour market is performing relatively well, we are clearly not out of the woods yet.

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