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Resurgence in labour force has further to run

The resurgence in the labour force over the past year mainly reflects the ongoing boost to participation from increasing opportunities for women to combine parenthood with work, more young people choosing jobs over college, and a continued decline in disability rates. These trends are all ultimately linked to the strength of labour market conditions in recent years. This suggests that, even in the absence of a significant downturn in demand, there is still scope for rising labour supply to help bring wage growth down to more sustainable rates.

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