mpc:
7
the quarterly fall in full-time employment had been the largest (on a consistent basis) since 1996 Q1.
Average weekly hours per worker had fallen by 0.3%, compared with Q2.
A29
Contrary to weaker LFS employment growth, survey-based evidence had not indicated any
significant change in employers' demand for staff. The latest CIPS surveys of the construction and
service sectors had suggested that employment growth in November had continued at a similar rate
to the previous two months, while the CIPS survey of manufacturing had suggested that employment
was falling less rapidly. The Recruitment and Employment Confederation (REC) survey had
reported that shortages of agency staff had widened further in November.
A30
LFS unemployment had fallen by 36,000 in Q3, a smaller decline than had been seen in
recent monthly data releases. The LFS unemployment rate over this period had been 5.4%, which
was down 0.1 percentage points compared with Q2, but was 0.1 percentage points higher than the
rate for the period June to August. The slower decline in unemployment had been mainly accounted
for by a much smaller fall in short-term unemployment. The claimant count had fallen by 48,700 in
Q3, but had increased by 3,500 in October.
A31
The working-age inactivity rate had been 21.0% in Q3, unchanged from the previous quarter.
A32
Overall, there had been little change in the pattern of earnings growth. Whole-economy
headline (three-month average) earnings growth had risen by 0.1 percentage points to 4.1% in Q3.
Private-sector headline earnings growth had risen by 0.2 percentage points to 4.3%, while headline
growth in the public sector had fallen by the same amount to 3.3%. In the manufacturing sector,
headline earnings growth had remained unchanged at 4.3%. Earnings in the private service sector
had also grown at a headline rate of 4.3%, up 0.4 percentage points from the previous month.
A33
Annual earnings growth in the year to September had been 4.3%, up slightly from the
previous month. Historical AEI data had been revised to reflect updated seasonal adjustment factors,
revised employment weights and other minor technical adjustments. The overall effect of these
changes had been small, although the revisions had given regular pay growth a flatter profile since
the beginning of the year than had previously been reported. The contributions of regular pay
growth and bonus payments to overall earnings growth in September had been broadly unchanged
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