Yael Selfin, Chief Economist at KPMG UK, comments on KPMG's today’s labour market figures.
“Latest figures point at a solid labour market while the decline in vacancies will take pressure off the BoE to raise rates” says Yael Selfin, Chief Economist at KPMG UK.
“Figures out today show demand for workers was in full swing in the run up to the earlier Brexit deadline of 31 October, with the labour market remaining extra tight, and the unemployment rate below the Bank of England’s comfort level.
“The continued rise in vacancies signals that the tightening of the labour market has likely reached a plateau for now, and together with the recent rise in sterling, will give the Bank of England some comfort as it judges inflationary pressures in the pipeline.
“The latest picture of the labour market makes it difficult to envisage a large boost in public investment, in line with the ambitious public spending plans the new government is to outline, unless migration restrictions are eased.”
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