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MNI INTERVIEW: UK Jobs Market Risks "Wile E. Coyote" Plunge

(MNI) London

The UK jobs market may still appear buoyant, but it risks a sharp correction as the economy slows, a former senior BOE researcher tells MNI.

The UK risks a sudden surge in joblessness as firms which have kept hiring despite deepening pessimism among businesses and consumers encounter a “Wile E. Coyote” moment and stop recruitment, the Bank of England’s former head of international research Greg Thwaites told MNI.

“We have seen consumer confidence plummet. We haven’t seen labour demand or employment fall a great deal yet,” Thwaites, now at the Resolution Foundation, said in an interview in which he pointed to the danger that the labour market and employment could find themselves suspended over thin air in a similar manner to the classic cartoon character as the economy falls away beneath them.

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The UK risks a sudden surge in joblessness as firms which have kept hiring despite deepening pessimism among businesses and consumers encounter a “Wile E. Coyote” moment and stop recruitment, the Bank of England’s former head of international research Greg Thwaites told MNI.

“We have seen consumer confidence plummet. We haven’t seen labour demand or employment fall a great deal yet,” Thwaites, now at the Resolution Foundation, said in an interview in which he pointed to the danger that the labour market and employment could find themselves suspended over thin air in a similar manner to the classic cartoon character as the economy falls away beneath them.

Keep reading...Show less