Youth unemployment cyclical not structural...for now
Labour market data published this week has raised valid concerns about a structural rise in youth unemployment. But while it is too early to rule that out, the rise so far is not that much more than you would expect when the labour market is weakening. This lends support to our view that the Bank of England will cut interest rates three times to 3.00% this year, the first of which we now expect in March.
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