1 year ago
45
Bank of England had been looking for signs of labour market softening so it could take foot off brake
The resilience of Britain’s labour market has been a feature of the post-pandemic economic landscape, and that unexpectedly strong trend shows few signs of ending. The 12 increases in interest rates that have taken borrowing costs from 0.1% to 4.5% since December 2021 are affecting house prices but they have yet to put much of a dent in demand for workers.
The latest data from the Office for National Statistics shows employment and total hours worked at record levels, a fall in inactivity and – most significant of all – a pickup in wage growth.
Continue reading...