This morning we get the latest labour market data for the UK. The unemployment rate is expected to have remained at 3.8% in November, which is the lowest level seen since 1975. Annual wage growth however is expected to have edged lower, to 3.1% from 3.2%. That’s still well above inflation, which should help to prop up consumer spending. However, it will also leave the Bank of England with an opening to cut interest rates if the Bank’s members feel sufficiently pessimistic to do so.
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