There were other signs of price pressures in the labour market in the ONS figures published on Tuesday. dollar after Tuesday's data and investors were pricing in an 83% chance of a three-quarters-of-a-percentage-point BoE rate hike next week, which would be its biggest since 1989, excluding an attempt to shore up the pound in 1992 which was quickly reversed. read moreĪ lorry driver passes a sign on the side of his vehicle advertising for jobs as he makes a delivery, in London, Britain, October 13, 2021. It is expected to increase them again on Sept. The British central bank raised interest rates the most since 1995 last month. The BoE is worried that tightness in the labour market will add to the recent surge in price pressures. The ONS said the rise was driven by more people classified as long-term sick and by fewer full-time students moving into employment than normal for the time of year.Īt the same time, pay growth rose by more than expected, reflecting a shortage of candidates for jobs, although it still lagged far behind inflation that is expected to hit 10.2% in the 12 months to August when figures are published on Wednesday. The economic inactivity rate - measuring the share of the population who are not in work and not looking for work - increased by 0.4 percentage points on the quarter to 21.7%, its highest since the three months to January 2017. "We're now starting to see signs of a labour market losing its momentum," Jack Kennedy, UK economist at the global job site Indeed, said.
The number of people in employment grew by 40,000, less than a third of the increase forecast in the Reuters poll.
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