Jobs growth eases pressure on Bank of England

• Britain’s jobs market staged a stronger than expected recovery in the three months to November, according to the ONS, easing pressure on the Bank of England policymakers to cut interest rates.
• Despite intense Brexit uncertainty towards the end of last year, the number of people in employment jumped by 208,000 to a joint record high of 32.9m, nearly double the 110,000 increase forecast by economists.
• Unemployment remained at a 45-year low of 3.8%. Growth in average weekly earnings, excluding bonuses, stagnated at 3.2%, unchanged from the previous period.
• Pay including one-off awards dropped to 3.4% from 3.5%.

Source: ONS

 

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