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Both the US and UK are experiencing labour shortages as they recover from the Covid-19 pandemic, a study produced for the ECB’s latest Economic Bulletin notes.

But while in the US labour demand is outpacing supply, leading to broadening wage pressures, signs of increased labour market tightness in the UK, coupled with a slow recovery in employment and participation, mean wage pressures are currently limited to specific sectors. These are most obvious in professional and business services, and in sectors that previously relied on low-skilled migrant labour, such as construction, leisure and hospitality.

The study didn't comment on euro area levels. Earlier Monday, Eurostat announced unemployment in the single currency area had dipped to 7.2%, the lowest level since the pandemic started and down from 8.1% a year ago.

MNI Frankfurt Bureau | +49-69-720-146 | luke.heighton@marketnews.com
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MNI Frankfurt Bureau | +49-69-720-146 | luke.heighton@marketnews.com
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