UK Earnings Keep Rising as Brexit Looms

April 16, 2019 Share Print 0

British workers’ pay grew at its joint fastest pace in over a decade, fuelled by further job creation, adding to suggestions that Brexit uncertainty is prompting firms to hire workers rather than make longer-term investment in equipment.

Total earnings, including bonuses, rose by an annual 3.5 percent in the three months to February, the Office for National Statistics said, matching the median forecast in a Reuters poll of economists.

That was the joint highest rate since mid-2008 although in February alone the pace of wage growth slowed.

Average weekly earnings, excluding bonuses, rose by 3.4 percent on the year, also in line with the Reuters poll.

It was the first fall in that measure of pay growth since the middle of last year.

Britain’s labour market has defied the approach of Brexit, helping households whose spending drives the economy.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.