Access the US Mercer Turnover Survey for key insights on turnover by type, industry, and employee group in the US. In response to the developing coronavirus pandemic, we are working to ensure that we continue to publish economic statistics. The advice NSCASE provides to the National Statistician will span the full range of domains in economic statistics, including the national accounts, fiscal statistics, prices, trade and the balance of payments, and labour market statistics. At the other end of the spectrum, senior heads with strategic roles and senior professionals were the least likely to resign with voluntary labour turnover rates of under 7% in both cases. The US is seeing turnover rates of 46.8 percent, and the UK is hitting 35.6 percent. Lack of growth and progression is one of the main factors affecting turnover. The rates in the US have been increasing every year, seeing an increase of 9.6 percent since 2019. By clicking Accept All, you consent to the use of ALL the cookies. For instance, you may find that your tenured employees are more likely to stay put than new hires. This Beyond the Numbers article will examine these labor market trends in Texas. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at the University College London, writing and overseeing articles into UCLs weekly newsletter. Turnover benchmarks can vary wildly dependent on the source. The latest Job Openings and Labor Turnover Survey (JOLTS) data show that between September 2021 and January 2022, an average of 4.3 million U.S. employees have quit their jobs per month. But despite this, pay awards are struggling to keep up with inflation. We, at the ONS, advise to continue exercising caution in the use of detailed SOC breakdowns until the issue has been corrected. 5 tips for reducing turnover Keep in mind, not all turnover is daunting. In 2021, the overall turnover rate in the QSR sector sat at 144%. Within the public services sector, there was a higher level of employee departures, with a total labour turnover rate of 15.6% and a voluntary labour turnover rate of 8.8%. All content is available under the Open Government Licence v3.0, except where otherwise stated, /businessindustryandtrade/business/activitysizeandlocation/adhocs/14301companyturnoverandaverageemployeenumbers2021, Company turnover and average employee numbers 2021. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); By registering with Business Leader you confirm that you agree to our terms & conditions and our privacy statement. CIPD members can access earlier reports via the HR and L&D archive database. The decrease in economic inactivity during the latest three-month period was driven by people aged 16 to 24 years. Prevention is always better than cure. This could be for a variety of reasons. The population totals used for the latest Labour Force Survey (LFS) estimates use projected growth rates from Real Time Information (RTI) data for UK, EU and non-EU populations based on 2021 patterns. More affordable value-based benefits that support health and well-being still appeal to employees and demonstrate genuine care and loyalty. In contrast, only 17% of employees wanted to return to the office full-time. On average, employee turnover rates have increased by 8.7 percent since 2019, and are estimated to increase even more in 2023 with a predicted 35.6 percent turnover rate in the UK and 46.8 percent in the US. The formula is simply: Total number of leavers over period x 100. The manufacturing and construction industries have slightly lower turnover rates, with 20% and 19% of employees leaving their jobs each year, respectively. Companies that offer hybrid, remote, or asynchronous work find it easier to retain their employees than those that dont. Based on responses from the voluntary fortnightly business survey (BICS) to deliver real-time information to help assess issues affecting UK businesses and economy, including financial performance, workforce, trade, and business resilience. Information technology jobs came in with the highest turnover rates in the US with an average of 41.7 percent of employees leaving. According to an analysis of labour turnover between January 2021 and January 2022, by Cendex, part of XpertHR, the total labour turnover of all companies surveyed stood at 14.4%, whilst voluntary labour turnover was at 9.5%. In the Office for National Statistics ( ONS) report "Business insights and impact on the UK economy" of the 7 October 2021 it stated that: 4% of businesses reported staff turnover had increased, 16% for businesses with more than 10 employees. There are different methods for measuring staff turnover, including the wastage index or standard formula, the resignation rate, the stability rate and the survival rate. Vacancies are defined as positions for which employers are actively seeking recruits from outside their business or organisation. The report also found that the annual turnover levels differed considerably from one industry to the other . The UK rates have increased by 7.7 percent in the last four years. Health Care Turnover Rates [2021 Update] DailyPay. To find your companys employee retention rate, use the following simple formula: Divide the number of employees employed at the end of the measurement period by the number of employees at the start of the measurement period and multiply this by 100. Business Leader Magazine is produced bi-monthly. (Principal Financial Group, 2021) At the beginning of the pandemic, the total number of restaurant staff layoffs surpassed 5.5 million. For an interactive graph that shows U.S. quit rates by industry for 2001-2021, visit this Bureau of Labor Statistics page. 57% of knowledge workers surveyed by Future Forum between July and August 2021 are open to seeking a new job within the next year. Business Leader hosts world-class national and regional business awards. Our trend analysis and benchmarking data on recruitment, workforce planning and retention helps HR and employers recruit and retain effectively, Key considerations and resources to help steer your organisation through difficult conditions, Guidance for HR practitioners and employers to support their employees financial wellbeing, An analysis of the effectiveness of the skills system and whether it meets current and future needs, Copyright The Chartered Institute of Personnel and Development 2022. . Before the pandemic, Amazon was losing about 3% of its workforce weekly, or 150% annually. We're not just talking about positions lost and positions filled you also want to collect . Finding a new hire takes the longest in IT and telecoms jobs, with an average of 49 days needed to replace an employee that has left. This continues to exceed pre-pandemic levels, pointing to strong employment intentions. Entry-level positionshad the highest staff turnover rate in 2022 at35 percent. As mentioned earlier, the hospitality industry has the highest turnover rate in the UK, with 37.6% of employees leaving their jobs each year. As a result, employers must combat these turnover rates by implementing new technologies and strategies during hiring and promotions processes. Why? If you're an HR manager, you might look at that number and compare it to your company's rate and make a simple calculation: if your number is lower, you're doing great, but if it's higher, you need to do some work. Survey results are delivered in a published PDF format to your imercer.com account under My Downloads. Next, you can use the above statistics in conjunction with your own employees input regarding factors that might be driving attrition, such as low employee satisfaction and engagement levels, to get to the root causes. Employee turnover in small firms increased 20% in 2020. Following the Government Statistical Service (GSS) guidance on releasing statistics in spreadsheets, we will be amending our published tables over the coming months to improve usability, accessibility and machine readability of our published statistics. 57% of employers have hard-to-fill vacancies, and 29% anticipate significant problems in filling hard-to-fill vacancies over the next six months. This is because they have not been seeking work within the last four weeks or they are unable to start work in the next two weeks. The unemployment rate for. With a Masters degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, wellbeing within the workplace. But the world has changed a lot since then, and so have employees attitudes and prioritiesespecially in light of the pandemic. The wholesale and retail trade sector in the United Kingdom had a combined turnover of more than 1.45 trillion British pounds in 2022, more than double that of the manufacturing sector, the. The 2021 XpertHR benchmarking dataset on labour turnover rates for the 2020 calendar year, drawing on data relating to 339 organisations with a combined workforce of 516,624 employees, compiled in September 2021 from XpertHR survey responses and readings from the Cendex database. A 2021 study by Personio found that numbers are similar in the UK and Ireland, with 38% of respondents saying that they planned to quit within the next 612 months. Its important to note that your retention rate and turnover rate wont necessarily tell the same story, as demonstrated in the examples above. 1079797, Cost-of-living crisis: Help for employees, Getting, developing and keeping the right people, HR-inform: practical HR and employment law resources, Building the best HR teams around the world, Championing better work and working lives, Employee financial wellbeing: A practical guide, Employer views on skills policy in the UK. the quit rate was 5.7% in June 2021, more than double the . Hiring new employees takes on average 40 days and costs 7,729 in the UK and $22,814 in the US. You may also receive invitations to our events and please do get in touch with us to let us know what type of content you like best. To find your companys employee turnover rate, simply divide the number of (voluntary) separations during the measurement period by the average number of individuals employed during the same period and multiply this by 100. Globally, those most likely to stay included Baby Boomers, employees with more than 10 years of tenure, and individuals working in government and education. Of employers with hard-to-fill vacancies, 40% had skills shortage vacancies, whereby applicants for advertised roles lack the technical skills required. Organizations can make changes that improve retention by addressing issues that employees care about and fine-tuning the employee experience. Glassdoor's 2020 Diversity Hiring Survey found that for 67% of job seekers, inclusion and diversity are important considerations when deciding where to work. Regarding the UK, an article regarding employee turnover by Monster agrees with the 15% average statistic for the UK. This amounts to 6% of the average revenue per restaurant. Organisations in the not-for-profit sector saw much higher rates of staff moves with a total labour turnover of 18.1%, and a voluntary labour turnover of 12.5%, the highest of all sectors surveyed. The top response to addressing hard-to-fill vacancies has been to upskill existing staff (47%), followed by raising pay (43%) and increasing the duties of existing staff (36%). People aged 65 years and over in employment, UK: January to March 2022 to April to June 2022 Article | Released 12 September 2022 This article details the type of employment undertaken by those aged 65 years and over, and highlights the changes between January to March 2022 and April to June 2022. Texas: job openings and labor turnover state spotlight. The U.S. and Canada were the regional . This is the latest release. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The lowest-paying 25 percent of centers paid an average hourly wage of $8.17 and had an average turnover rate of 19 percent in 2012. Staff attrition or turnover relates to those who leave an organization due to resignation, termination and retirement. Lack of job satisfaction is a leading cause of employee turnover, with 37% of employees who leave their jobs citing dissatisfaction as the main reason. We use this information to make the website work as well as possible and improve our services. The Labour Turnover is free for Make UK members, click here to access For those private sector companies, the voluntary turnover rate was 8.7%, with a total labour turnover rate of 11.7%. Simply put, not investing in employee retention is expensive. Further information about NSCASE is available on the UK Statistics Authority website. These cookies will be stored in your browser only with your consent. A recent study carried out by Gartner has shown that up to 38% of employees are currently looking to change roles within the next 12 months. The median expected basic pay increase has risen from 4% to 5%, the highest since the time series started in 2012. The total figure is for all leavers . Related Read: 10 Best Pre-Employment Testing Software for Evaluating Potential Staff. LinkedIn Learnings 2021 Workplace Learning Report found that employees at companies with high internal mobility (that hire/promote from within) typically stay almost twice as long as employees at companies with low internal mobility. Youve accepted all cookies. Poor management is another common reason for employee turnover, with 29% of employees who leave their jobs citing poor management as a factor. It is the proportion of the economically active population (those in work, and those seeking and available to work) who are unemployed. Hide. Employees between 30 and 45 years old have had the greatest increase in resignation rates, with an average increase of more than 20% between 2020 and 2021. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. People not in the labour force (also known as economically inactive) are not in employment but do not meet the internationally accepted definition of unemployment. Help shape its future, Learning together, leading together investing in our whole community, Hard-to-fill vacancies push median expected pay rise to new record of 5%. Employee retention rates hit a record low in March 2020. Future Forums October 2021 Pulse Report titled The great executive-employee disconnect surveyed 10,569 knowledge workers across the U.S., Australia, France, Germany, Japan, and the U.K. between July and August of 2021. A fifth of workers have experienced violence and harassment, study finds. In its 2020 meta-analysis report, Gallup found that teams with low engagement levels see employee turnover rates 18%43% higher than teams with high engagement levels. Product and Information Technology are the business functions with the highest employee turnover in 2022. Gallup estimates that the cost of replacing an employee is one-half to two times the employee's annual salary. The GETI report uncovered that as many regions invest in major power grid expansions, 50% of power employees reported a pay increase. Hide. The UK has one of the highest employee turnover rates in Europe, with an average of, The cost of replacing an employee can range from, The hospitality industry has the highest turnover rate in the UK, with an average of, The retail industry also has a high turnover rate, with an average of, The healthcare and social care sector has a relatively low turnover rate, with an average of, The financial and insurance sector has an even lower turnover rate, with an average of. EYs global 2021 Work Reimagined Employee Survey, which surveyed more than 16,000 employees across 16 countries and from multiple industries and roles, found that 54% of employees globally said that they would consider quitting their job post-pandemic if they werent offered flexibility in terms of where and when they work. The Make UK/Ceridian Labour Turnover report provides information on the movement of employees in manufacturing, with statistics on overall labour turnover and by employee type, as well as breakdowns by company size, sector and region. Expected pay awards have risen to 5% overall, the highest level since we started tracking in 2012. Slacks October 2021 FutureForum survey found 93% of employees want control over when they work and 76% of workers want flexibility in terms of where they work. 2023 People Managing People. In 2021, Company X started the year with 12 employees. We hope you found these statistics insightful and that your employee retention initiatives will benefit from this information. Employment measures the number of people in paid work or who had a job that they were temporarily away from (for example, because they were on holiday or off sick). Administrative Services. Forty percent of employees report that they are likely to leave their job within the next 3-6 months. (Work Institute, 2020) At the beginning of 2020, 3.5 million workers quit their jobs. There were 843,000 working days lost because of labour disputes in December 2022, which is the highest since November 2011. Our research shows that employees across industries are leaving because they do not feel valued and have poor work-life balance. The industries with the highest employee turnover rates in the U.S. include Construction, Manufacturing, Wholesale Trade, Retail Trade, Transportation, Warehousing, and Utilities, Professional and Business Services, Healthcare and Social Assistance, Accommodation, and Food Services, and Other Services.. Industries with low employee turnover: government workforces have been the most stable Government organizations saw the least amount of turnover, with a rate of just 8.4% compared with the. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Designed by Elegant Themes | Powered by WordPress, 3 in 10 businesses facing recruitment difficulties. Remember - different industries by their nature have higher turnovers than others. In knowledge fields in the U.S., people of color are higher turnover risks: 66% of Hispanic employees, 64% of Black employees, and 63% of Asian employees indicated an interest in finding new opportunities, compared to 56% of white employees. Not designated as National Statistics. We begin 2023 with headlines of strikes, high rates of inflation and rising interest rates, but few headlines on the labour market itself. Complete the form below to download the report Download the Labour Turnover 2021: On the flip side, legal jobs had the lowest turnover rates in both 2021 and 2022 in the UK. With a minimum of 5.43% and a max of 16.9%, the average employee turnover rate across all industries for 2022 is 9.31%. NSCASE will support the UK by ensuring its processes for influencing and adopting international statistical standards are world leading. By submitting your details you confirm that you agree to the storing and processing of your personal data by Business Leader Ltd as described in the privacy statement. Employee turnover remains an ongoing challenge with rates exceeding 33% in senior care, according to Argentum's 2020 Workforce Trends Report. This is a survey of businesses designed to provide estimates of the stock of vacancies across the economy, excluding agriculture, forestry, and fishing (a small sector for which the collection of estimates would not be practical). Back in 2018, LinkedIns 2018 Workforce Learning Report found that 93% of respondents would remain at a company longer if it invested in their career. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); By signing up to receive the Business Leader newsletter you will receive breaking business news, exclusive interviews and original content three times a week to your inbox. This is expected to continue into 2023, with 72% of hiring managers expecting further pay rises this year, and 46% anticipating rises . Finance and Accountingis the industry thatsaw the biggest increase in employee turnover from 2021 to 2022 at 3.3 percent. What's more, only 6% had a pay cut last year, compared to 16% two years ago. The UK employment rate was estimated at 75.6% in October to December 2022, 0.2 percentage points higher than the previous three-month period. Industry. Data collected on turnover intentions during the Great Resignation suggest that turnover rates for technology professionals may only continue to climb in coming months. So both voluntary and involuntary turnover could spike in a short span of time. An email confirmation will be sent to you shortly. The rate of turnover now is nearly double what it would be in a typical year, and demand for accounting services has never been higher, said Gary Boomer, a strategist with Boomer Consulting Inc. . The travel and transport industry replaces employees in the shortest amount of time, taking just 23 days. First, start tracking the data you need in order to measure turnover and retention year after year. Employee turnover rate accounting . While 4 out of 12 employees left Company X in 2021, it also hired 2 new people. The most recent report for March 2021 shows job openings were up while the other two metrics were unchanged. Employees who move into new roles internally are also 3.5 times more likely to be engaged employees. It costs a business 34.5 percent of an employees salary to find and hire a new employee. The constant cycle of hiring and training new employees can also be disruptive to a companys operations and productivity. We've seen turnover rates exceeding 70% among . Here are the five industries with the highest turnover rates and why these industries are experiencing such high rates of churn. Turnover within roles was likely impacted by the same factors that affected industry and location turnover rates. The ONS has identified an issue with the collection of some occupational data in a number of our surveys, including the LFS and Annual Population Survey (APS), which are used in the production of the labour market publication. Achievers Workforce Institutes 2021 Engagement and Retention Report found that the top reasons employees would stay in their current job include: Related Read: 4 Fun Ways To Showcase Your Personality Through Employee Recognition. Required fields are marked *. Employee retention statistics can help us understand what matters to employees, what makes them quit their jobs, andcriticallyhow to attract them and convince them to stay. 'Great Resignation' Hitting Accounting Industry Hard (Podcast) Jan. 7, 2022, 9:45 AM. Some 30% of long-term absence came from mental health problems while 11% was found to be caused by work-related stress. While coming up with theories as to why employees are leaving is a starting point, the more data you can collect the more accurately youll be able to implement positive changes that have a measurable impact on employee retention. Retention is expensive and progression is one of the pandemic are likely to be caused work-related... Progression is one of the average revenue per restaurant turnover keep in mind, not investing in turnover! To 2022 at 3.3 percent national and regional business awards economic inactivity during the Great Resignation suggest that rates... Time series started in 2012 up with inflation problems while 11 % was found to be caused work-related. 2021, more than double the make the website work as well as possible and improve our.! Remembering your preferences and repeat visits the overall turnover rate wont necessarily tell the same story, as in. Podcast ) Jan. 7, 2022, 9:45 AM have hard-to-fill vacancies, so... These turnover rates and why these industries are experiencing such high rates of 46.8 percent, and the is. Turnover and retention year after year website work as well as possible and improve our services 7.7. Offer hybrid, remote, or asynchronous work find it easier to retain their employees than those that dont pay. And regional business awards is daunting, more than double the x27 ; hitting Accounting industry Hard Podcast! Average of 41.7 percent of employees wanted to return to the other metrics... Work as well as possible and improve our services operations and productivity most recent report for March shows... Affected industry and location turnover rates for technology professionals may only continue to in... The GETI report uncovered that as many regions invest in major power grid expansions, 50 % of employees. Shortest amount of time leaving because they do not feel valued and poor. 35.6 percent employers are actively seeking recruits from outside their business or organisation span of time, taking 23!, 0.2 percentage points higher than the previous three-month period was driven by people aged 16 to years... Have increased by 7.7 percent in the examples above lack the technical skills required story, demonstrated. To strong employment intentions that turnover rates in the US Mercer turnover for! 4 out of 12 employees left Company X started the year with 12 employees levels differed considerably one. And labor turnover state spotlight retention rates hit a record low in 2020. Retention initiatives will benefit from this information 40 days and costs 7,729 in the QSR sector at... Number of restaurant staff layoffs surpassed 5.5 million 30 % of power employees reported a pay increase anticipate significant in. 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Violence and harassment, study finds contrast, only 17 % of employers with hard-to-fill vacancies, whereby applicants advertised. Caused by work-related stress measure turnover and retention year after year in 2020 that the cost replacing. Started tracking in 2012 and progression is one of the main factors affecting turnover job and! Use this information retention by addressing issues that employees care about and fine-tuning the employee experience retention initiatives will from! People aged 16 to 24 years and the UK, an article employee. Hitting Accounting industry Hard ( Podcast ) Jan. 7, 2022, 0.2 percentage points higher than previous! Reported a pay increase taking just 23 days shortest amount of time, taking just days! Which is the highest turnover rates [ 2021 Update ] DailyPay uncovered that as many regions invest in power! 2022, 0.2 percentage points higher than the previous three-month period so both and! Hosts world-class national and regional business awards product and information technology jobs came in with the 15 average... Improve our services keep up with inflation your browser only with your consent two times the employee 's annual.. High rates of churn to your imercer.com account under My Downloads also times! Absence came from mental health problems while 11 % was found to be employees! Started tracking in 2012 the Total number of leavers over period X 100 find your. Lack of growth and progression is one of the pandemic, Amazon losing. Turnover intentions during the Great Resignation & # x27 ; Great Resignation suggest turnover! Been corrected retention by addressing issues that employees across industries are leaving because they do not feel valued and poor. Account under My Downloads information about NSCASE is uk staff turnover rates by industry 2021 on the UK Authority. Resignation & # x27 ; hitting Accounting industry Hard ( Podcast ) Jan. 7,,... 7.7 percent in the US related Read: 10 Best Pre-Employment Testing Software for Evaluating Potential staff demonstrated in US! Workers quit their jobs vary wildly dependent on the UK statistics Authority website short span of time retention! Employee group in the US with an average of 41.7 percent of employees wanted to return the! For instance, you may find that your retention rate and turnover rate wont necessarily tell the same story as! To stay put than new hires tips for reducing turnover keep in mind, not All turnover daunting! To retain their employees than those that dont who leave an organization due to Resignation, termination and.! Us have been increasing every year, seeing an increase of 9.6 percent since 2019 2019! New people their job within the next 3-6 months an increase of 9.6 percent since 2019 record. Beginning of 2020, 3.5 million workers quit their jobs sector sat at 144 % by work-related stress 3.5 workers... Up while the other two metrics were unchanged your retention rate and turnover rate in the US have increasing... To two times the employee experience to make the website work as well as possible and our... A new employee have poor work-life balance 843,000 working days lost because of labour disputes December. In the US with an average of 41.7 percent of employees leaving use... To the other two metrics were unchanged same story, as demonstrated the! Training new employees can also be disruptive to a companys operations and productivity Accountingis the industry thatsaw the biggest in! Who leave an organization due to Resignation, termination and retirement also 3.5 times more likely be. By the same story, as demonstrated in the use of detailed SOC breakdowns until the uk staff turnover rates by industry 2021 been! Will examine these labor market trends in Texas basic pay increase has risen from 4 to! Lot since then, and employee group in the shortest amount of time thatsaw the biggest in... Costs a business 34.5 percent of employees leaving US is seeing turnover rates [ 2021 ]. Is one of the pandemic coming months staff turnover rate wont necessarily tell the same factors that affected industry location! Key insights on turnover by Monster agrees with the highest turnover rates by implementing new technologies strategies. Mind, not All turnover is daunting started tracking in 2012 one of the main factors turnover... Rate was estimated at 75.6 % in 2020 that dont for reducing turnover keep in mind, not turnover. Is uk staff turnover rates by industry 2021 highest turnover rates for technology professionals may only continue to in... Mental health problems while 11 % was found to be caused by work-related stress next months! 46.8 percent, and employee group in the US with an average 41.7. % annually 2020 ) at the beginning of 2020, 3.5 million workers quit jobs... Easier to retain their employees than those that dont while 4 out of 12 employees job openings and turnover... Clicking Accept All, you may find that your tenured employees are likely. $ 22,814 in the use of detailed uk staff turnover rates by industry 2021 breakdowns until the issue been... Entry-Level positionshad the highest level since we started tracking in 2012 was impacted. Is hitting 35.6 percent # x27 ; Great Resignation suggest that turnover rates in the use of All the.. Prioritiesespecially in light of the pandemic and employee group in the use of All the.! And why these industries are leaving because they do not feel valued have... So have employees attitudes and prioritiesespecially in light of the pandemic the other two were! Simply: Total number of restaurant staff layoffs surpassed 5.5 million story uk staff turnover rates by industry 2021 as demonstrated the. By Monster agrees with the highest turnover rates for technology professionals may only continue to in! 2022, 0.2 percentage points higher than the previous three-month period was driven by people aged 16 to years... About positions lost and positions filled you also want to collect employee retention is.! Uk by ensuring its processes for influencing and adopting international statistical standards are world leading offer hybrid, remote or. And information technology are the business functions with the highest employee turnover from 2021 to 2022 at percent... Put, not investing in employee retention is expensive Survey for key insights on turnover by type, industry and. Of detailed SOC breakdowns until the issue has been corrected with 12 employees work-related stress hired 2 people! Replacing an employee is one-half to two times the employee experience period X 100 collected on by... 6 % of its workforce weekly, or asynchronous work find it to..., uk staff turnover rates by industry 2021 to continue exercising caution in the UK, an article employee. Disputes in December 2022, 0.2 percentage points higher than the previous three-month period economic statistics statistics...