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TUC Economic Quarterly Report - October 2014

Issue date

This quarterly TUC report provides an analysis of UK economic and labour market developments over recent months, and includes  a spotlight feature on pay and earnings.  


  • In common with many other countries, there has been a significant revival in UK economic activity from the second half of 2012.
  • Revisions to the National Accounts now show this revival a little stronger than previously thought.
  • Domestic demand appears to be the key factor in expansion.
  • Trade is weak, and there are growing fears of global slowdown.
  • Household and corporate savings have been reduced over the past years, and deleveraging may have stalled.
  • Public sector deficit reduction has slowed, as tax revenues falter.
  • The labour market is expanding rapidly, with the unemployment rate of 6.2 per cent at a six year low, though underemployment continues to play a significant role.
  • Furthermore, earnings growth continues to weaken with official figures at historic lows.
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