UK labour market data, December 2016 - PwC comments
Published at 10:16 AM on 14 December 2016
In response to today’s UK labour market figures, John Hawksworth, chief economist at PwC, commented:
“Today's data provides the clearest evidence yet that the jobs market has started to cool off since the Brexit vote. Total employment in the three months to October was broadly flat compared to the previous three months, having been rising strongly in the year before the EU referendum
“The official unemployment rate held steady at 4.8%, but this disguised a marked rise in economic inactivity of over 100,000 in the latest three months. The more timely but less comprehensive claimant count measure of unemployment edged up again in November for the fourth month in a row.
“At the same time, regular pay growth edged up to 2.6%, and is now close to 3% on average in the private sector. This is good news for workers facing the prospect of rising consumer price inflation over the next year, but could dampen future jobs growth if it continues.”
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