Or
Ben Brettell, senior economist at Hargreaves Lansdown, fears that UK unemployment will rise in the next few months:
The UK’s labour market continues to surprise with its resilience to the Brexit shock. The unemployment rate fell unexpectedly to a new 11-year low of 4.8% in the three months to September. This is yet more evidence that the labour market and the wider economy have fared better than expected since June’s referendum.
However, there could be storm clouds gathering on the horizon. The claimant count – which in a quirk of the data is a more recent figure than the unemployment rate – jumped by 9,800 in October, with September’s figure revised upwards from 700 to 5,600. All in all, it does seem likely that unemployment could tick up somewhat during the coming months, though dire predictions made in the immediate aftermath of the vote appear wide of the mark.
We all know, even the Brexiteers, that harder times are ahead. That we fare better than expected is good news.