Published On Oct 15, 2024, 2:12 AM
The UK's unemployment rate has dropped to 4% from 4.1%, according to the latest data from the Office for National Statistics. However, pay growth has slowed, with regular pay (excluding bonuses) increasing at an annual rate of 4.9%. This growth is still higher than the rate of inflation, signaling that while employment is improving, wage increases are starting to lose momentum.
Positive
The decrease in unemployment indicates a strengthening job market, which could lead to increased consumer spending. However, slowing pay growth might dampen consumer confidence in the near term. Despite this, the net effect may still be positive for consumer-driven stocks.
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