Skip to main content

U.K. Employment Hits Record High as Job Creation Continues

U.K. employment rose to a record high in the three months through May after the economy created jobs at a stronger-than-expected pace.
The number of people in work rose by 137,000, taking the employment rate to 75.7 percent, the highest since records began in 1971, the Office for National Statistics said Tuesday. Unemployment held at a 43-year low of 4.2 percent.


Pay growth eased during the period, with wages excluding bonuses rising by 2.7 percent, as forecast. However, the slowdown may do little to ease concerns among Bank of England policy makers about inflationary pressures building in the labor market.
Money markets are pricing in an about 80 percent chance of an interest-rate hike in August, a move also expected by more than 70 percent of economists in the latest Bloomberg survey. The pound rose following the labor-market data and was at $1.3261 as of 9:34 a.m. London time, up 0.2 percent on the day.
The figures point to healthy demand for labor as the economy picked up from a snow-blighted first quarter. The number of vacancies rose to the highest since records began in 2001 and inactivity -- those neither in work nor looking for a job - - dropped by 86,000 to an all-time low of 21 percent.
“It’s clear that the labor market is still growing strongly,” said Matt Hughes, a senior statistician at the ONS.
With wage growth running ahead of inflation, households are enjoying a return to real spending power after a year-long pay squeeze. They may not be out of the woods just yet though, with a report tomorrow forecast to show inflation picked up again in June.
In May, private-sector pay growth picked up to 2.8 percent, but the public sector saw a slowdown. Unemployment fell to 4 percent in the month. Earnings growth including bonuses slowed to 2.5 percent between March and May.

Labels:

Comments

Post a Comment

Popular posts from this blog

Daily fasting works for weight loss

Daily fasting works for weight loss Daily fasting is an effective tool to reduce weight and lower blood pressure, according to a new study published by University of Illinois at Chicago researchers in the journal  Nutrition and Healthy Aging . The study is the first to examine the effect of time-restricted eating -- a form of fasting that limits food consumption to select hours each day -- on weight loss in obese individuals. To study the effect of this type of diet, researchers worked with 23 obese volunteers who had an average age of 45 and average body mass index, or BMI, of 35.Between the hours of 10 a.m. and 6 p.m. the dieters could eat any type and quantity of food they desired, but for the remaining 16 hours they could only drink water or calorie-free beverages. The study followed the participants for 12 weeks.When compared to a matched historical control group from a previous weight loss trial on a different type of fasting, the researchers found that those who ...
Post a Comment
READ MORE

BREAKING NEWS: UNFORTUNATELY DEMI LOVATO..

BREAKING NEWS: UNFORTUNATELY DEMI LOVATO..
Post a Comment
READ MORE

Horiatiki salad

Horiatiki salad Ingredients 125 g greek feta 2 green peppers 1 cucumber 1 small red onion 5 ripe tomatoes 1 handful of kalamata olives 1 tesapoon dried oregano 3-4 tablespoons extra virgin olive oil 3-4 tablespoons red wine vinegar Method Crumble the feta into chunks, deseed and slice the peppers, and peel and slice the cucumber and onion. Slice the tomatoes. Combine all the ingredients except the oregano, oil and vinegar in a salad bowl. Just before serving, sprinkle the salad with the oregano, season with freshly ground black pepper and dress with the oil and red wine vinegar.
Post a Comment
READ MORE