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UK record employment increases likelihood of interest rate hike

News Summed Up 2018-05-15 05:30:00

The UK’s employment rate rose by 0.4 points to 75.6% in the latest quarter, the highest since modern records began in 1971. Senior ONS statistician Matt Hughes said: “With employment up again in the three months to March, the rate has hit a new record, with unemployment remaining at its lowest rate since 1975. “The growth in employment is still being driven by UK nationals, with a slight drop over the past year in the number of foreign workers. “As markets become increasingly sceptical about the prospects of a UK rate hike this year, the latest wage data could prompt a bit of a rethink. Remember that survey evidence from Bank of England agents has been pointing to the best year for pay settlements since the crisis.”