The UK labour market is “continuing to recover”, according to the Office for National Statistics. Data released earlier today showed that the number of UK workers was up 241,000 to 29.1 million in August 2021. According to the ONS, all regions except London, Scotland and South East are now above pre-pandemic levels. The unemployment rate fell to 4.6% in July from 4.7% the month before.
Markets are trading cautiously this morning ahead of US consumer price data due later today, an important US inflation number that could have a bearing on the Federal Reserve’s decision about when to start tapering the current stimulus program.
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