Job Growth Slows to Below Trend Level As....>

UK DATA: Job Growth Slows to Below Trend Level As Vacancies Fall

-UK May-July Employment +31,000 vs +115,000 Q2

-UK May-July LFS Jobless Rate 3.8% vs 3.9% Q2, in line with MNI median

-UK July jobless rate 3.7% vs 4.1% in June (experimental statistic)

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UK employment growth extended into the three months to July, albeit at a 

reduced pace. Despite slower jobs growth, the unemployment rate slipped 

back to 3.8% from 3.9% in Q2, but remained above Bank of England staff 

forecast of 3.7%. Almost half of new jobs were self-employment roles, 

but the level of part-time workers fell by 23,000. Unemployment fell to 

3.7% in July from 4.1 in June, according to experimental statistics. 

However, vacancies fell by 23,000 to 812,000, the lowest level since the 

three months to November 2017, suggest a moderation in employment growth 

over coming months.