Commenting on the UK labour market data announced this morning, Melanie Baker, senior economist at Royal London Asset Management, said:
“This set of labour market data feels more in line with an economy struggling to generate growth.
“The number of full-time employees increased only by 5,000 in the three months to August, and the number of part-time workers has fallen. More caution in hiring makes sense in the context of the uncertainty surrounding the economy, relating to Brexit and other factors, including global growth prospects.
Although the unemployment rate rose to 3.9%, this is still a very low level and continued robust pay growth helps to support the consumer.”
About Royal London Asset Management (RLAM):
Established in 1988, Royal London Asset Management (RLAM) is one of the UK's leading fund management companies, providing investment management solutions to both wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector.
RLAM manages £138.9 billion of assets and employs 104 investment professionals as at end March 2020. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.
For professional clients only, not suitable for retail investors.
Issued by Royal London Asset Management Limited, registered in England and Wales number 2244297; authorised and regulated by the Financial Conduct Authority. Registered Office: 55 Gracechurch Street, London, EC3V 0RL.
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