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The latest labour market data continues to paint a much healthier picture than figures for economic output, but the implication of this divergence is a fall in productivity.
Today’s release of labour market data continues to paint a much healthier picture than figures for economic output. Unemployment has fallen and employment has increased once again, with the latter reaching its highest point since the three months to May 2009.
The reasons for these patterns are as yet unknown – reasons could range from inaccurate GDP figures to businesses hoarding labour – but it is difficult to see the employment picture continuing to improve if output continues to contract.