UK: Healthy jobs market post the referendum - ANZ

Research Team at ANZ, suggests that the UK’s labour market data point to a healthy jobs market post the referendum.

Key Quotes

“The claimant count (unemployed) has been broadly stable with claimants rising 2.4k in August following a downwardly revised 3.6k drop in July. Basically, the level of unemployed is static as is the unemployment rate at 4.9% in July, down from 5.5% a year earlier. This is because jobs creation is running steadily with the economy, adding 174k jobs in the three months to July.

The level of employment in the UK remains at a record high of 74.5%. Wage growth remains subdued with average weekly earnings (ex-bonuses) at 2.1% y/y. On this data there is no need for the BoE to do any more easing, and again it looks as if the MPC jumped the gun with the August policy easing.”