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UK labour costs rise at fastest rate since late 2013: ONS

British labour costs rose at the fastest annual rate since late 2013 in the three months after Brexit, despite continued steady growth in productivity

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British labour costs rose at the fastest annual rate since late 2013 in the three months after the country voted to leave the European Union, despite continued steady growth in productivity, official figures showed on Friday.

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Year-on-year growth in unit labour costs – an underlying driver of inflation watched by the Bank of England – edged up to 2.3 percent in the third quarter of 2016 from 2.2 percent in the second quarter, its highest since the last three months of 2013.

Annual growth in output per hour rose to 0.4 percent in Q3 from 0.2 percent in Q2, though this partly reflects volatility in late 2015. Quarterly hourly output growth slowed marginally to 0.4 percent in Q3 from 0.5 percent in Q2. “These estimates of productivity show that while labour productivity is improving, particularly in the services sector, it is still weak compared to that experienced in the recent past,” ONS economist Richard Heys said.

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First published on: 06-01-2017 at 04:52:31 pm
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