UK Sees Employment and Wage Growth

The U.K. labor market displayed unexpected resilience in the three months through November as employment jumped and wage growth ticked higher.The number of people in work rose 102,000 to a record high, confounding market expectations that employment would fall. Basic pay growth quickened to 2.4 percent, the highest in almost a year, though it still lags well behind the rate of inflation.The positive news could push more proactive policy makers at the Bank of England towards voting for another increase in interest rates. The amount of slack in the labor market is central to the debate at the central bank, where officials raised the benchmark rate for the first time in a decade in November amid concern that poor productivity had lowered the economy’s “speed limit.”

Source: U.K. Labor Market Unexpectedly Strong as Employment Rises – Bloomberg

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.