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13th Sep 2022 15:27U.K., Daily Monitor

  • Employment has stopped rising, but labour market slack hasn't accumulated, due to increasing inactivity.
  • We expect labour demand to remain flat but the workforce to grow, as immigration and participation recover.
  • For now, wage growth is too hot for the MPC, but building slack and falling CPI inflation will slow it in 2023.

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average weekly wages cpi cpi inflation domestic labour employees employment July June labour labour demand labour market labour market data monetary policy mpc October ONS paye payroll policy real wage real wages September unemployment wage growth wages weekly wages

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Keywords for: 14 Sept 2022 UK Monitor

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