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BBC Radio 4 Today Programme interview

Aug 16, 2022

I was on the Today programme again this morning discussing the latest employment data. Three takeaways, the first two consistent with recent months: labour market tight and wage growth rising, but not matching inflation so real wages down; third takeaway is tentative evidence labour market turning and softening.

Today’s data focused attention on an issue raised in previous months, namely the increased inactivity rate, now at 21.4% and up 1.2% versus pre-Covid. While attracting people back to labour force should be a focus, it may be overtaken by softer labour market as economy slows.

Listen back here – 2:37:35-2:43:00.