So on the one hand, with UK unemployment dropping to 4.8% #despitebrexit, there is yet more amusing grist to our collective mill of laughing wildly at the idiotic remoaners who are spending so much time saying how stupid Liam Fox et al are; whilst being simultaneously wrong about every forecast and every prediction they have made for, er, well it starts to feel like forever...
For no real reason, here are the current unemployment rates across the EU:
As we can see, the UK is the pure outlier here, only marginally behind Germany in the creating jobs stakes. A real basket case, though the basket in question may be more like a Harrods hamper.
There is a big however though, due to the nature of the modern economy, any unemployment rate under 5% is probably not that sustainable. It does suggest that there is strong pressure on labour.
Interestingly in the UK, we have still not seen that much upwards wage pressure, there maybe lots of reasons for this - such as illegal immigration is much higher than registered thus the jobless rate looks artificially low compared to people who really are competing for jobs.
Or the quality of jobs created is very low and thus even some wage pressure makes little difference to the overall numbers (as compared to say, when Bankers were getting 5% pay rises on seven figure incomes in 2006, 20p an hour extra to your sprouts pickers is not so impactful at a macro level).
We need to know the answers to this as it will mean the future Government will have to consider how much immigration to allow - undoubtedly on prima facie evidence it would appear from an economic standpoint that reducing immigration will reduce the growth capacity of the UK at this point. Of course, there is more to it than this and creating low wage jobs in the UK for people from Latvia is not really an economic model to be envied.