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Nov 15 2022, 08:40 GMT
This morning’s UK labour market data provide mixed signals on the pace at which jobs growth is slowing. Headline employment at 32.7m is down 0.2% over the past three months, but the timelier payroll employee measure rose by a further 0.2% to a fresh high of 29.8m. However, recent Purchasing Managers Index (PMI) and Recruitment and Employment Confederation (REC) surveys clearly point to a slower pace of job creation. Vacancies fell slightly but the labour market is still very tight. Hence, total pay growth accelerated to 6% in September, unwelcome news for the Bank of England in its efforts to bring Consumer Price Index (CPI) inflation back to the 2% target.
Nov 15 2022, 08:40 GMT