The UK labour market data is not so rosy when we consider export sector industries

The latest headline labour market figures are positive: unemployment is down to 5.8% and pay is increasing well above inflation. However, scratching beneath the surface reveals a diversity of experience and does not provide a great deal of reassurance that the economy can continue to grow at the rate we observed last year, writes Geraint Johnes. For instance, average pay has fallen in a number of sectors while the biggest increase was in financial and insurance activities (at 6.1%).