Britain’s jobs data increase the chance of rates rise
Employment data show a historic 32.2-million are employed, but the real value of earnings continues to decline
London — The number of people in work in Britain surged and one measure of wage growth rose to a near one-year high, according to data that may encourage some Bank of England policy makers to think interest rates should rise again before long. Sterling touched $1.41, its highest level against the US dollar since the 2016 Brexit vote, and British government bond prices sank to their lowest level since October after Wednesday’s stronger-than-expected headline figures. Britain’s economy slowed in 2017 as higher inflation, caused by a post-Brexit referendum fall in the pound, hurt the spending power of consumers. But forecasts of a bigger hit to growth did not materialise and job creation remained strong. The Office for National Statistics said the number of people in work rose 102,000 in the three months to November, the biggest increase since the period to July. It took those in employment to a record 32.2-million. A Reuters poll of economists had pointed to a fall of 13,000 in emplo...
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