Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Saturday, 18 February 2017

Foreign nationals drive UK employment higher (what next?)

UK employment hits record high

I don't have that all that many British blog readers, truth be known, but this release is well worth a look, not least for what it represents in a global context. 

UK employment has kept on keeping on in the face of all manner of referendum-related uncertainties, to hit a record high of 31.84 million. 

Employment was up +302,000 from the corresponding period a year earlier.

The stimulus has worked, at least for the jobs market. 


The employment rate, meanwhile, hit a new highest level since comparable records began in 1971, at some 74.6 per cent. 


Unconventional monetary policy may have blown share market indices such as the FTSE 100 and FTSE 250 up to unprecedented heights, but there can be no argument that the impact on getting the unemployment rate down has been positive.


Probably the weakest part of the release was the unexpected monthly slowdown in earnings growth.


Nevertheless, it's another good set of numbers for the UK economy.

Interestingly, the growth in employment over the past year was largely driven by foreign nationals.

The wrap

With the pound having fallen post-Brexit referendum, it seems likely that there is some inflation in the post for Britain. 

In fact, globally economies appear to be on the mend, and in many cases inflation is returning, with interest rates seeming likely to move tentatively higher over time.  

Even in the beleaguered Eurozone there have been some better numbers of late than we have become all too accustomed to. 


There will still be challenges ahead, of course, but the 'end of alchemy' could soon be upon us.

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