UK jobs hit record high as Bank of England considers first rate hike

Wednesday, October 13, 2021

The figures showed on Tuesday that the number of open positions in Britain is at a record high of nearly 1.2 million, and the Institute for Employment Studies (IES) estimated that around 900.000 workers were lacking, the Associated Press news agency reported.

Data is expected to support talk abounds of BoE rate rise

The agency also found that the jobless rate in Britain fell further to 4.5% between June and August, from 4.6% in the quarter to July.

British employers lifted salaries to a record high in September as the government's wage - subsidy program nears an end, which may have encouraged the Bank of England to make progress toward its first post - pandemic rise.

The economic recovery since the lifting of most coronavirus regulations has boosted employment, lifting employment by 207.000 between August and September, to a record 29.2 million.

Separate official data released on Tuesday showed the unemployment rate fell to 4.5 percent in the three months to August, from 4.6 percent in May through July, as had been anticipated by economists in a Reuters poll.

The increase in recruits and vacancies was intended to boost worker returns to the jobs market after the end of a pay check policy the government established at the start of the pandemic to curb job losses.

The Bank of England has also been closely monitoring wage growth as it attempts to gauge how long a recent jump in inflation is likely to last.