Employment and labour market ONS has today released its latest set of productivity figures. They show that in quarter 4 2017, UK labour productivity rose by 0.7% on the previous quarter on an output per hour basis. This was largely driven by a fall in average hours worked. ONS has today also published the first full results of a new survey of management practices in Great Britain, including the first such information for the services industries. The results of the survey show that services industries had more structured management practices than production industries, with construction and manufacturing industries among the three industries with the least structured practices. As revealed in preliminary results published previously, the survey showed higher levels of structured management practices are associated with higher levels of labour productivity. ONS has also published the first quarterly estimates of multi-factor productivity (MFP) up to quarter 2 2017. These experimental data are the only quarterly MFP estimates produced by a national statistical institute anywhere in the world, and complement ONS' existing quarterly labour productivity estimates. Commenting on the figures, ONS deputy chief economist Richard Heys said: "This is a second successive quarter of strong productivity growth, although much of it comes from a fall in average hours worked. However, a weak start to the year means annual growth was only 1.0%, half the historic average rate. "The new analysis published this quarter throw fresh light on the UK's continuing productivity puzzle, such as the impact of business management practices and the differences between regions." ONS has also published several other productivity releases as part of the Productivity Day, including analysis that suggests London's financial and insurance industry and a number of regional manufacturing industries play important roles in explaining the UK's recent productivity slowdown. | 
Posts
No comments:
Post a Comment