UK labour market: bullish headlines are back
- The unemployment rate reversed its recent rise as surging employment trimmed it back to 4.3% even while participation and hours increased. High vacancies suggest the NAWRU may not have fallen in line with the BoE’s assumptions.- Wage growth also beat expectations, albeit because of revisions. Real wages are probably already growing aided by limited awards of sub-2% pay settlements. Poor productivity prevents unit wage cost pressures from being squashed.
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