Employment rate reaches record high, but wage growth is running behind and EU referendum fears have yet to show
Britain’s labour market has reached a plateau. The number of people working has risen slightly to a record level. Regular pay growth has edged down a fraction. The unemployment rate is holding steady at 5.1%.
There are two reasons for this. The first is that 2015 was a year in which employment grew by almost 600,000, and a pause for breath was always in prospect after such a rapid increase. Progress towards full employment will inevitably be slower from this point.
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