Deutsche Bank's Sanjay Raja says latest UK jobs data show the labour market
remains fragile but is beginning to stabilise. Unemployment held at a relatively
high 4.9% and payroll employment fell again. Vacancy metrics improved: job
adverts rose for the first time since December and redundancies in the three
months to May fell to 108k, the lowest since July last year. Raja says a Bank of
England survey indicates employers plan to keep headcount broadly unchanged;
slower wage growth should reassure the BoE as it seeks disinflation toward
target.
