Today's figures show the labour market is performing relatively robustly, but with further clear evidence, provided by slowing employment growth and a rising claimant count, that progress has slowed and there is a risk of slipping into reverse in months to come.
Although today’s release covers two months of the postreferendum period, it is still too early to make any assumptions about the effect of the EU referendum vote on the labour market as the labour market tends to lag developments in the real economy by several months.
Much of today’s data covers the pre-referendum period –
though it does include data for July – so it is still too early to
make any assumptions about the effect of EU referendum
vote on the labour market. The labour market also tends to
lag the real economy by several months.
Today’s data published by the Office for National Statistics suggests that, ahead of the referendum, employment continued to grow, albeit with some signs of softening below the headline numbers. Prospects for the labour market are now more uncertain following the UK’s decision to leave the EU.
Today’s labour market data published by the Office for National Statistics suggest a slight improvement in the labour market in the three months to April. Employment rose on the quarter, and the pace of growth also increased compared to the three months to March. Unemployment edged slightly lower, while for those in work, pay growth remained relatively subdued over the three month period, compared to before the economic crisis began. However, there was some sign in a pick-up in monthly earnings in April, particularly in the private sector, potentially pointing to the first impact of the National Living Wage. But with sustained productivity growth still elusive, and slow global growth, risks remain for the labour market’s long-term health.
Today’s labour market data published by the Office for National Statistics suggest a softening in labour market improvements.
Although employment rose, the pace of growth is slower than it was in 2015.