Davy Research

Market comment

UK unemployment edges higher

DAVY VIEW

Yesterday’s UK labour market data revealed unemployment edged up in December to 4.4%, while annual jobs growth eased to 1%. Nonetheless, one bright spot in the data was the slight acceleration in wage growth to 2.5% in Q4 from 2.3% in Q3, yet still not enough to keep pace with CPI inflation at 3%. While consumer spending growth has softened in recent quarters, the continued steady growth in employment means that a collapse is unlikely in the near term.

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