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U.K. Unemployment at 43-Year Low Fails to Ignite Pay Growth
U.K. unemployment dropped to a new 43-year low in the three months through June but the pace of wage growth eased. The jobless rate stood at 4 percent, the least since February 1975, the Office for National Statistics said on Tuesday. Economists had expected it to stay at 4.2 percent. The decline helps to explain why the Bank of England increased interest rates this month. Policy makers believe inflationary pressures are building in the labor market as skill shortages force employers to raise wages to attract and retain staff. Yet the absence of stronger pay growth so far also raises questions about whether the ... (full story)
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