LONDON: Britain’s employers unexpectedly took on more staff in the three months before the country’s October 31 Brexit deadline, according to data which suggested the labour market was retaining some of its strength. Concerns about recent signs of weakness in the jobs data prompted two interest-rate setters at the Bank of England to vote for a cut to borrowing costs last month, and they are expected to do so again this week. Tuesday’s official data showed the number of people in employment rose by 24,000 to 32.8 million in the three months to October, bucking the median forecast for a drop of 10,000 in a Reuters poll of economists. That pushed the employment rate to an all-time high of 76.2 per cent while the number of people out of work dropped by 13,000 to 1.281 million. The unemployment rate fell back to its lowest level since the three months to January 1975 at 3.8 per cent. Britain’s economy grew at its slowest annual pace in nearly seven years in October, data showed last week, hit by the effect of trade tensions on the world economy as well as the approach of the now postponed Brexit deadline on October 31 and last week’s election. — Reuters
Oman Observer is now on the WhatsApp channel. Click here
