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Unemployment down for quarter to May but may not go lower post Brexit

By rotide
Created 20/07/2016 - 15:31

The Office of National statistics (ONS) has released unemployment figures for the quarter to the end of May, showing another fall by 54,000 to a total of 1.65 million, a level not seen for over 11 years.

As in the case of the Inflation rate released this week, this data is pre Brexit and both sets of information may prove to be interesting benchmarks as to the impact Brexit makes on the economy in due course.

Forecasters are already seeing the unemployment as topping out at this level as company's might be wary of taking on more staff until the Brexit effect can be assessed over a longer period.

In the very short term however, a Bank of England regular monthly survey did not flag up any change in the way companies are taking on staff, or that there was any particular movement in the profile of the UK economy. With less than a month after the "out" vote, this is not exactly meaningless but helps shore up the country's confidence a little, during the chaos surrounding choosing a new PM  and  cabinet to run the country and a small meltdown in the structure of the opposition party.

 

 


Source URL:
https://www.newbusiness.co.uk/news/unemployment-down-quarter-may-may-not-go-lower-post-brexit