Britain's workers received their biggest pay rises in more than 11 years th...
LONDON - Britain’s workers received their biggest pay rises in more than 11 years this summer as the unemployment rate fell back to its lowest since the mid-1970s, even as the country’s political crisis over Brexit deepened.
Hiring was weaker than expected by most economists and vacancies fell to their lowest level since late 2017. Pay growth is watched closely by the Bank of England to gauge future inflation pressures, and the latest increase was stronger than all forecasts in a Reuters poll of economists. But job creation was lower than anticipated at 31,000, weaker than the median forecast of 53,000 in the Reuters poll.
Many economists have attributed the strength of the labor market, at least in part, to employers hiring workers that they can later lay off rather than making longer-term commitments to investment.
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