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Brexit latest: Jobs market stagnates in three months to October Brexit latest: Jobs market stagnates in three months to October
(35 minutes later)
The jobs market was stagnant in the three months to October, according to the latest jobs report from the Office for National Statistics. The jobs market stagnated in the three months to October, according to the latest jobs report from the Office for National Statistics, suggesting employers are slowing their hiring in the wake of June's Brexit vote.
Employment fell by 6,000 while unemployment fell by 16,000. Employment fell by 6,000, which was the first fall in employment since June 2015 and only the fifth decline since 2011.
The unemployment rate was 4.8 per cent. City of London analysts had expected employment to rise by 50,000 over the period.
The more timely claimant count measure of unemployment rose by 2,400 in November. Unemployment fell by 16,000, but this was due to fewer people seeking work.
David Freeman of the ONS said: “The labour market appears to have flattened off in recent months. While the employment rate remains high, it is slightly down on the record set recently. Meanwhile a small fall in unemployment on the quarter was more than offset by a rise in economic inactivity.” The unemployment rate was steady at 4.8 per cent.
The Bank of England and the Office for Budget Responsibility have both forecast the unemployment rate to begin rising next year as the economy slows The more timely claimant count measure of unemployment rose by 2,400 in November, following an upwardly revised 13,300 increase in October.
Average wages rose by 2.5 per cent. "The UK has experienced a rapid deterioration in job creation, giving the sense that Brexit uncertainty is now becoming a drag on the economy", said James Knightley of ING.
Official forecasters also expect inflation to outstrip wage growth in 2017, reducing real disposable incomes and consumer spending. "Cracks are beginning to appears in the labour market," agreed Howard Archer of IHS Global Insight.
The Bank of England and the Office for Budget Responsibility have both forecast the unemployment rate to begin rising soon as the economy slows and firms cut back on hiring.
The Bank expects the jobless rate to peak at 5.6 per cent in two years' time.
Average wages rose by 2.5 per cent in the three months to October, the strongest increase since August 2015.
However, official forecasters also expect inflation to outstrip wage growth in 2017, reducing real disposable incomes and consumer spending.
Consumer price inflation rose by 1.2 per cent in November, the fastest rise in the cost of living since 2014.
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