According to analysts at TD Securities, UK’s labour market in November continued to tighten, with the unemployment rate unexpectedly falling to 4.0% and headline wages moving up to 3.4%, a new post crisis high.
Key Quotes
“Core wages however were stable at 3.3% (with private sector also stable at 3.4%). Jobs growth surprised to the upside at 141k vs 87k expected, led by full-time jobs. Nonetheless, these numbers will be in greater focus in the coming months given the escalation in Brexit risks since November. Still, rising wages alongside weak productivity means that inflationary risks are rising, keeping the MPC’s hawkish bent in place.”
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