Economist Lee Sue Ann at UOB Group assessed the latest UK labour market report published on Wednesday.
Key Quotes
“UK wages are rising at their fastest rate in more than a decade and the unemployment rate has fallen to a record low”¦ Including bonuses, wages rose at an annual pace of 4.0% y/y, higher from a previous revised reading of 3.8% y/y, and marking the highest rate since mid2008“.
“The unemployment rate of 3.8% is also at its lowest since 1974, largely driven by a record-low in the percentage of women who are unemployed. Meanwhile, the claimant count change showed a minor increase”¦ Overall, the UK labour market has remained resilient over the summer despite Brexit uncertainty and even as the broader economy felt the effects of a global slowdown”.
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