MNI DATA IMPACT: UK Employment, Wage Growth Weaken In Q3>

By Laurie Laird and Irene Prihoda

     LONDON (MNI) - The long UK employment boom appears to be faltering, 

as employment fell for the second overlapping three-month period and 

wage growth slowed dramatically from its summer peak. 

The following are the key points from the release: 

     - Employment declined by 58,000 in Q3, the biggest slump since 

mid 2015, and comes after a 56,000 fall in the three months to August. 

Despite the decrease in employment, the unemployment rate slipped back 

to 3.8% from 3.9% between June and August.  

     - The latest data could force the Bank of England to more clearly 

communicate its views on the real economy, rather than the uncertainties 

thrown up by Brexit. 

     - Wage growth fell far short of expectations, with total and 

bonus-adjusted earnings both falling to an annual rate of 3.6%. 

     - Female employment slumped by 93,000 in the second quarter, the 

biggest decrease on record. The correspondening decline in women's 

labour force participation pushed the female unemployment rate to a 

record-low 3.6%

     - Part-time employment declined by 100,000, and may be linked as 

numerically the burden fell mainly on women.  However, in percentage 

terms, part-time male employment fell by 2.5% over Q2, while part-time 

female employment declined 1.7%. 

     - Productivity continued to disappoint, with output per hour 

recording no change over Q3 of 2018. Productivity has not increased in 

annual terms since Q2 of 2018, the longest stretch of weakness since 

the depths of the financial crisis.

     - Vacancies fell by 53,000 over Q3 of 2018, the biggest decline 

since Q4 2009 to 800,000, the lowest leve since July 2017.

-London bureau: 44 (0) 203 865 3812; email: ukeditorial@marketnews.com 

[TOPICS: M$B$$$,MABDS$,MAUDR$]