A key measure of employers' labour costs in Britain rose by the most in fiv...
FILE PHOTO: Workers cross London Bridge during the morning rush hour in the city of London, Britain, February 27, 2019. REUTERS/Toby Melville
Unit labour costs rose by an annual 3.1 percent in the final three months of 2018, the Office for National Statistics said, up from 2.9 percent in the previous three-month period and the biggest increase since late 2013. While the strong jobs market is helping households recover some of the spending power they lost after the global financial crisis, the hiring surge has aggravated Britain’s weak growth in productivity which is key for higher pay over the long term.
“Our latest figures show a continuation of a decade of weak growth, often referred to as the ‘productivity puzzle’, with labour productivity growth lower over the last decade than at any time in the 20th century,” ONS economist Richard Heys said.
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