bearish
UK: Unemployment Turn Confirmed
399 Views13 Dec 2022 20:00
SUMMARY
- The UK unemployment rate rose again to 3.67% in Oct-22. The 3-month change in the single-month rate slowed to 0.2pp, so it remains consistent with 3.8% at yearend.
- Falling vacancies and rising redundancies confirm the turn in labour demand, which failed to absorb the recent increase in supply despite still being historically high.
- Government policy has encouraged bumper pay demands and second-round effects. The BoE should be worried by signs 5% is becoming the new 2% in pay awards for 2023.
Begin exploring Smartkarma's AI-augmented investing intelligence platform with a complimentary Preview Pass to:
- Unlock research summaries
- Follow top, independent analysts
- Receive personalised alerts
- Access Analytics, Events and more
Join 55,000+ investors, including top global asset managers overseeing $13+ trillion.
Upgrade later to our paid plans for full-access.
or
Already have an account? Sign In Now
Discussions
(Paid Plans Only)
- UK: Resilient GDP Raises Work for BoE13 Jan 2023
- UK: Expectations Still Need Re-Anchoring11 Jan 2023
- BoE: Independent Women Dissent to 50bp16 Dec 2022
- UK: Labour Fits the Fall Season15 Nov 2022
- UK: Labour Levels Knocked Down13 Sep 2022
x