Labour market remains strong despite slight increase in unemployment levels

Despite a slight rise in unemployment over the two months following the EU membership referendum, the UK labour market continues to be strong, recent data from the CBI/Pertemps Labour Market Update October 2016 report has been able to suggest.

Employment rose over the quarter to August to 31.8 million and the employment rate was 74.5% – remaining at the joint highest since comparable records began in 1971.

Meanwhile, unemployment rose by10k, but the unemployment rate remained at an 11 year-low of 4.9%.

Wage growth increased slightly over the three months to August with annual regular pay growth reaching 2.3%. However, real average earnings (i.e. earnings stripping out inflation) rose at their slowest pace since February 2015 (1.7%).

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