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19th Jul 2022 14:33U.K., Daily Monitor

The Governor emphasised at Mansion House that the drop in the workforce has been a key driver of rate rises.

So its 0.8% 3m/3m rise in May, the largest since 1984, should ensure the MPC sticks to a 25bp hike in August.

The workforce has scope to rebound further, while vacancy and survey data imply job growth will slow.

employment government January job growth June labour labour market March May monetary policy mpc payroll policy private sector wage growth q2 survey data unemployment unemployment rate us wage growth wages

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Keywords for: Reviving Workforce Growth Eases the Pressure for Large Rate Hikes

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