Two puzzles: recent UK labour market dynamics − speech by Megan Greene

Given at Make UK
Published on 16 May 2024
Megan Greene looks at two recent puzzles in the UK labour market: first that unemployment has remained relatively low despite subdued output, and second that some wage strength remains unexplained as inflation expectations ease and the labour market loosens. She evaluates whether excess labour hoarding can partly explain both puzzles and what the monetary policy implications may be going forward.