21 February 2018

  |  CBI Press Team

Press release

"Slowing productivity growth and rising pay growth make a rate increase more likely"

The CBI has responded to the latest ONS labour market statistics. 

Labour market statistics for October 2017 to December 2017 show employment increased by 88,000 and unemployment increased by 46,000.

Matthew Percival, CBI Head of Employment, said:

“Rising unemployment is disappointing, but job vacancies reaching another record shows that businesses are creating opportunities.

"This underlines why skills, including retraining, need to be at the heart of our industrial strategy so everyone can benefit from the opportunities created by economic growth.

“Meanwhile, slowing productivity growth and rising pay growth make an interest rate increase more likely.”