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发表于 2014-7-16 21:20:37
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The UK labour market data present an ever-greater dilemma for the MPC. Current rates of employment growth suggest conditions are tightening significantly faster than expected – wherever you think the NAIRU is, we are approaching it more quickly than expected. The increase in labour supply is not negligible – both as a result of demographic factors and inactivity continuing to fall (retired people returning to work and the number of people classified as long-term sick diminishing) – but supply continues to trail some way behind demand. Yet, headline wage inflation is barely positive in nominal terms, while CPI inflation hovers only a little below its 2% target. |
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