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Dewis pwnc arall neu clirio pob hidlydd.
Comparison of developments in GDP and the labour market in the latest quarter and the implied impact on UK productivity.
Experimental estimates of labour input used in production, weighting the hours worked by different types of workers by their relative contribution to economic production.
Comparison of developments in GDP and the labour market
Decompositions of growth for the market sector and 9 industry groups
We look at growth in GDP, employment and total hours worked in Q3 2015 compared with the previous quarter and a year ago, and the trends since 2008. While GDP and employment both grew, hours worked fell by 0.1% compared with Q2 but is higher than it was a year ago. Over the period since 2008, GDP has grown by a similar amount to both employment and total hours worked.
We look at the developments in GDP and the labour market since the economic downturn in Quarter 1 (Jan to Mar) 2008. During this period, GDP has grown by a similar amount to both employment and total hours worked. This implies a relatively flat productivity growth.
Quality Adjusted Labour Input (QALI) is a method of measuring changes in the volume of labour input into production which accounts for changes in the composition (or ‘quality’) of the workforce as well as changes in hours worked. This article presents new estimates for 2014 for the whole economy, the market sector and a range of sub-aggregates by industry, educational qualifications, age and gender, as well as revisions to the back series. QALI provides a more comprehensive description of labour input to the production process than pure volume metrics such as hours worked, jobs or workers employed. The strength of these metrics relative to output growth since the economic downturn has come to be referred to as the "productivity puzzle". If labour quality had fallen over this period, then this would have offered a partial explanation of the puzzle. The new estimates show that labour quality did fall - fractionally - in 2014. This was the first decrease in labour quality on an annual basis since comparable QALI estimates began in 1994, and followed only a small rise in labour quality in 2013. However, these estimates suggest only that labour quality has stopped exacerbating the productivity puzzle; they do not explain it.
We take a look at the developments in the Gross Domestic Product (GDP) and the labour market in Quarter 1 (Jan to Mar) 2015. Results show that the UK economy grew by 0.3% from the previous quarter. Although lower than the growth observed in the third and fourth quarter of 2014, this continues the positive trend observed for 9 consecutive quarters. The UK labour market also continued to perform resiliently.
