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Financial News: UK Labor Costs Growth Lowest Since Mid-2017

UK Labor Costs Growth Lowest Since Mid-2017

06/17/2019 - 07:48:00 (RTTNews)

(RTTNews) - UK labor costs increased at the joint-lowest rate since mid-2017, the Office for National Statistics reported Monday.

Labor cost per hour grew 2.1 percent annually in the first quarter, before adjusting inflation.

At 2 percent, growth was lower in the private sector than the public sector, where labor cost advanced 3.6 percent.

Further, data showed that wage costs per hour increased 2.1 percent on year and non-wage costs grew 1.3 percent.

Wage costs include wages and salaries including bonuses and arrears, and benefits in kind. Non-wage costs include sickness, maternity and paternity pay, National Insurance contributions and pension contributions.

Quarter-on-quarter, labor cost per hour dropped 0.7 percent, following a large growth in the prior quarter. This was the largest decline since 2010.

Likewise, wage costs dropped 0.5 percent and non-wage costs slid 0.6 percent.

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