This talk focusses on the labour market, and in particular the limited response of wage growth to falling unemployment. At first glance, the labour market now looks very tight. The jobless rate is down to 4.8%, slightly below both the 2000-07 average and the MPC’s estimate of the equilibrium rate, which are about 5%1 (see figure 1). The jobless rate has only been below current levels for a few months in the last 40 years2 . The short-term jobless rate is the lowest since data began in 1992. The number of job vacancies is around a record high, and the ratio of unemployment to vacancies matches the 2005 low (see ... ( full story )
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