{"id":123005,"date":"2021-11-16T08:28:27","date_gmt":"2021-11-16T08:28:27","guid":{"rendered":"https:\/\/fin2me.com\/?p=123005"},"modified":"2021-11-16T08:28:27","modified_gmt":"2021-11-16T08:28:27","slug":"uk-jobs-rise-again-after-furlough-scheme-easing-boe-worries","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/uk-jobs-rise-again-after-furlough-scheme-easing-boe-worries\/","title":{"rendered":"UK jobs rise again after furlough scheme, easing BoE worries"},"content":{"rendered":"

LONDON (Reuters) -British employers hired more people in October after the government\u2019s job-protecting furlough scheme ended, potentially easing the lingering concerns at the Bank of England about the risks of raising interest rates.<\/p>

FILE PHOTO: Workers travel through London Bridge rail and underground station during the morning rush hour in London, Britain, September 8, 2021. REUTERS\/Toby Melville\/Files\/File Photo<\/figcaption>

Sterling rose as data showed the number of staff on businesses\u2019 payrolls rose by 160,000 to 29.3 million, 0.8% higher than in February 2020 before the pandemic hit, based on data from tax authorities.<\/p>\n

The unemployment rate fell by more than expected to 4.3% for the three months to September from 4.5% before, its lowest since the three months to July 2020.<\/p>\n

The Bank of England is weighing up when to raise interest rates and is watching closely to see how the labour market has held up since the furlough scheme expired, as an estimated 1.1 million people were still on it in its final days.<\/p>\n

The Office for National Statistics said it was possible that people made redundant at the end of the furlough scheme would continue to appear as in work in the data for a few further months, while they worked out their notice period.<\/p>\n

\u201cHowever, responses to our business survey suggest that the numbers made redundant was likely to be a small share of those still on furlough at the end of September 2021,\u201d the ONS said.<\/p>\n

Suren\u202f Thiru, head of economics at the British Chambers of Commerce said the marked rise in payrolled employment suggested that the end of furlough had had little effect on the jobs market in October and demand for labour continued to surge.<\/p>\n

\u2018CHRONIC STAFF SHORTAGES\u2019<\/p>\n

\u201cRecord job vacancies suggest that the chronic staff shortages encountered by businesses are intensifying and this could derail the recovery by forcing firms into a more long-lasting decline in their operating capacity,\u201d he said.<\/p>\n

The official data showed employment rose by 247,000 in the July-September period, more than a predicted increase of 185,000 in the Reuters poll, while the number of unemployed fell by 152,000.<\/p>\n

The ONS said average weekly earnings in the July-September period were 5.8% higher than in the same three months of 2020, the slowest increase since April.<\/p>\n

Excluding bonuses, earnings were 4.9% higher than a year earlier, the slowest since the three months to March.<\/p>\n

The ONS estimated the underlying pace of growth in wages – taking into account workers going back on full pay after furlough and how job losses during the coronavirus lockdowns fell most heavily on lower-paid workers – stood between 3.4% and 4.9% for regular pay in nominal terms.<\/p>\n

BoE Governor Andrew Bailey has said Tuesday\u2019s jobs data and another release due in four weeks\u2019 time will be critical for the central bank\u2019s thinking about whether to raise Bank Rate for the first time since the pandemic struck.<\/p>\n

The BoE\u2019s next monetary policy announcement is scheduled for Dec. 16.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) -British employers hired more people in October after the government\u2019s job-protecting furlough scheme ended, potentially easing the lingering concerns at the Bank of […]<\/p>\n","protected":false},"author":3,"featured_media":123004,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nUK jobs rise again after furlough scheme, easing BoE worries - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/uk-jobs-rise-again-after-furlough-scheme-easing-boe-worries\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK jobs rise again after furlough scheme, easing BoE worries - Fin2me\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) -British employers hired more people in October after the government\u2019s job-protecting furlough scheme ended, potentially easing the lingering concerns at the Bank of [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/uk-jobs-rise-again-after-furlough-scheme-easing-boe-worries\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-16T08:28:27+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/11\/UK-jobs-rise-again-after-furlough-scheme-easing-BoE-worries.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/uk-jobs-rise-again-after-furlough-scheme-easing-boe-worries\/\",\"url\":\"https:\/\/fin2me.com\/business\/uk-jobs-rise-again-after-furlough-scheme-easing-boe-worries\/\",\"name\":\"UK jobs rise again after furlough scheme, easing BoE worries - 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