Deloitte senior economist comments on today's labour market figures has been saved
Deloitte senior economist comments on today's labour market figures
17 May 2022
Commenting on labour market figures, published by the ONS today, Debapratim De, senior economist at Deloitte, said:
“Despite a significant slowdown in activity over the first quarter, the unemployment rate fell to its lowest level in almost half a century and job-to-job moves reached a record high. These are signs of a remarkably strong labour market.
“The higher than expected income growth figure, which outpaced inflation, will be the subject of close scrutiny by the Bank of England, focussed on ensuring high inflation doesn't become the primary factor driving wage negotiations. As consumer demand responds to the substantial squeeze on spending power, unemployment is expected to rise over the summer months. But, with a labour market this strong, a sharp spike seems unlikely.”
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