Employment rates have hit a record high!
In the final quarter of 2019, the number of people in full-time employment has risen by 208,000 - almost double the forecasted number by economists. The biggest increase for more than a year.
But who was responsible for this growth? Its was driven by women entering full-time employment, says the office of national statistics. As well as a rise in self-employment! "The number of people working for themselves has now passed five million for the first time ever." Says David Freeman head of labour market and households.
Members of the bank rate-setting committee have previously voiced their vote hinting towards cutting the bank rate. Although these latest figures were flattered by a weak period in the previous quarter they will ease expectations that the bank of England is set to cut interest rates. The probability of the Bank of England cutting interest rates next week is less than 50 per cent, according to financial markets. All will be decided at the next monetary policy committee meeting scheduled on the 30th of January.
Source: Narwan, G. (2020). Employment hits fresh high. The Times, Economics Correspondent.