Unit labor costs in the UK rose by 7.2 percent from a year earlier in the fourth quarter of 2020, driven almost entirely by a 6.4 percent increase in labor costs per hour, and to a much lesser extent by a 0.7 percent decline in output per hour. source: Office for National Statistics

Labour Costs in the United Kingdom averaged 65.81 points from 1977 until 2020, reaching an all time high of 115 points in the second quarter of 2020 and a record low of 19.60 points in the first quarter of 1977. This page 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. United Kingdom Labour Costs - data, historical chart, forecasts and calendar of releases - was last updated on June of 2021.

Labour Costs in the United Kingdom is expected to be 121.21 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Labour Costs in the United Kingdom to stand at 116.26 in 12 months time. In the long-term, the United Kingdom Labour Costs is projected to trend around 119.28 points in 2022 and 121.91 points in 2023, according to our econometric models.

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United Kingdom Labour Costs

Actual Previous Highest Lowest Dates Unit Frequency
112.00 109.50 115.00 19.60 1977 - 2020 points Quarterly
SA, 2018=100


Calendar GMT Actual Previous Consensus TEForecast
2018-01-05 09:30 AM Q3 0.4% 0.7%
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United Kingdom Labour Costs
In the UK, unit labour costs (ULCs) reflect the full labour costs, including social security and employers’ pension contributions, incurred in the production of a unit of economic output. Changes in labour costs are a large factor in overall changes in the cost of production. If increased costs are not reflected in increased output, for instance, this can put upward pressure on the prices of goods and services – sometimes referred to as “inflationary pressure”.