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Cooling UK jobs market bolsters chances of near-term rate cut
The UK jobs market is cooling and that’s gradually translating into lower wage growth. This is the main takeaway from the latest UK labour market figures and is broadly consistent with the messaging from the Bank of England last week. It’s worth remembering from the outset that the headline jobs figures – employment, unemployment and inactivity – are still believed to be pretty unreliable, owing to an ongoing fall in the survey’s response rate. The unemployment rate notched up to 4.3%, but it’s hard to say how much weight we should really be putting on that (potentially not a lot). But it’s a message ... (full story)