US labour market GTM –UK | 26 Unemployment rate and wage growth %, wage growth year on year, seasonally adjusted, wages of production and non-supervisory workers y Unemployment Nov 2016: 50-yr average: 6.1% 4.6% 50-yr average: 4.2% Wage growth Global econom Nov 2016: 2.4% Productivity and wage growth Employee compensation and profitability % change year on year % of GDP 6 Employee compensation Corporate profits 5 4 Wage growth 3 2 1 0 -1 Productivity '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 Source: (Top) BEA, FactSet, J.P. Morgan Asset Management. (Bottom left) BLS, Thomson Reuters Datastream, J.P. Morgan Asset Management. (Bottom right) BEA, FactSet, J.P. Morgan Asset Management. Guide to the Markets - UK. Data as of 31 December 2016. 26