mpc: 19 The labour market remained tight, but there was little news on labour market quantities this
month. The Labour Force Survey (LFS) measure of employment had increased by enough to hold the
employment rate steady in Q3. The slower employment growth in the summer seemed broadly
consistent with the picture for output growth. The LFS unemployment rate had fallen to 4.6% in Q3.
There was also a small fall in weighted non-employment on the month, as the fall in unemployment
outweighed the continued rise in inactivity. There were signs of a small fall in recruitment advertising
in the press in the year to October, according to the Recruitment and Employment Confederation
survey. The fall had been concentrated in the public sector.
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