UK: unemployment wobbles near a tipping point
- Headline labour market data mostly disappointed in Aug-19 as unemployment rebounded to 3.9% and bonus revisions dragged total pay down to 3.8%.- Ongoing normalisation in the labour force level continues to weigh on employment growth. A no-deal Brexit would probably cause an abrupt rise in the UR, consistent with the decline in vacancies, while a deal should see job listings return.
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