LONDON (Reuters) – British wages, excluding bonuses, rose at their fastest pace in more than a decade in the three months to May, official data showed, but there were some signs that the labor market might be weakening.
Core earnings rose by an annual 3.6%, beating the median forecast of 3.5% in a Reuters poll of economists.
Bonuses - Pay - Growth - % - %
Including bonuses, pay growth also picked up to 3.4% from 3.2%, stronger than the 3.1% forecast in the poll.
Britain’s labor market has been a silver lining for the economy since the Brexit vote in June 2016, something many economists attribute to employers preferring to hire workers that they can later lay off over making longer-term commitments to investment.
Pick-up - Pay - Bank - England - Interest
The pick-up in pay has been noted by the Bank of England which says it might need to raise interest rates in response, assuming Britain can avoid a no-deal Brexit.
Tuesday’s data showed the unemployment rate remained at 3.8%...
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