Eh?!
'What's this, boss?'
I don't know.
Wealth Club Logo Signature
'What's that?!'
I don't know, Voice! FFS.
For immediate release, 13th February 2024
All right.
UK Labour Market: running hot - but is that strength or underlying ill-health?
Oh, okay.
'Is this from Wealth Club?'
Yes!
The employment rate came in at 75%, up slightly on the previous quarter
Unemployment came in at 3.8%, versus 4.2% in the three months to November and market expectations of 4.0% (Trading Economics)
Economic Inactivity was unchanged quarter-on-quarter at 21.9%
Annual wage growth came in at 5.8%, versus 6.7% in the three months to November and market expectations of 5.6% (Trading Economics)
Okay.
And what does our Nicky say?
Nicholas Hyett, Investment Manager at Wealth Club, comments:
"With unemployment a touch lower than expected and annual wage growth a touch higher, the UK labour market is proving stronger than economists had expected. However, the high temperature of the UK labour market could be down to ill-health rather than a sign of peak physical fitness.
"A growing proportion of the UK workforce, more than one in five, is economically inactive, with an historically high number signed off long-term sick. A shrinking workforce is increasing demand for those workers who are available and pushing up wages. Good news for those in work, but not so positive for the economy as a whole.
"Improving our national health is likely to become an increasing focus as we go through this election year. Not only for its own sake, but as a cure for the higher inflation and weaker economic growth the UK has been experiencing recently. No mean task for an NHS already under pressure."
Yeah, yeah.
Listen, Nicky, we're all doomed. Seriously.
'You tell him, Mikey!'
I just told him.
Unless we're in the sea, like. For all eternity.
'What?!'
ENDS
ENDS
ENDS
