UK: melt-up continues in Feb-19
- The LFS unemployment rate remained at 3.9% in Feb-19 amid rapid growth in volumes despite Brexit uncertainty. The labour market’s melt-up has stretched levels to unsustainable extremes aided by overly stimulative monetary conditions.- A soft wage impulse in Feb-19 could slow headline wage growth slightly, but there has been a bias towards upwards revisions recently. Hawkish pressure is building.
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