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U.K. job market building up after Brexit vote

U.K. job market building up after Brexit vote

Sep 24,2016

Unemployment rate seems to regain its pace from the previous months after the Brexit vote.

Alongside the fall in unemployment, on 14th September 2016 jobs report offered some mixed signals. The ONS (office for national statistics) said on Wednesday the number of people claiming out-of-work benefits raised in August, by 2,400, the second monthly elevated in a row. However, the number of job openings also increased.

The official labor market study adds to signs the British economy has largely weathered the initial shock of the referendum result. A recent run of data suggests output re-awakened in August after briefly stumbling in July.

The Bank of England is on Thursday supposed to keep its benchmark interest rate steady after cutting it to a new low last month. The central bank introduced a package of stimulus measures to cushion the economy and financial markets from the Brexit vote.

BOE officials--and many economists--have expressed caution over the outlook for the economy despite recent data. Some expect hiring to slow over the coming months, as the uncertainty surrounding the U.K.'s future trade arrangements weighs on business investment.

Rising unemployment would likely have an adverse impact on consumer spending, a key driver of the British economy, denting its growth prospects.

 

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