The 0.3%-pt drop back in the unemployment rate to 6.5% last month came on the back of a large fall in the labour force and in spite of a 25,000 decline in employment. We expect this trend to continue now that collapsing population growth is finally being fully reflected in the Labour Force Survey, which would keep downward pressure on the unemployment rate despite the weakness in hiring.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.
