020 7898 0500The big news yesterday was that wage growth for the third quarter of 2017 was 2.2%. The concern is that this figure is still some way short of the inflation rate which currently stands at 3%. The Bank of England have suggested that wage growth will narrow the gap to inflation over the course of 2018 which, if true, would be some welcome news for the majority of Uk households.
The unemployment rate also came in yesterday and stayed at 4.3% – the lowest figure for more than four decades. Meanwhile, UK productivity hit a six-year high, in a clear sign that the British economy has become more productive in recent times. This is some encouraging news and it helped sterling strengthen against the dollar and hold its own against the euro.
Today sees the release of the retail sales figures which will be of particular interest given the disappointing reading last time. As we approach Christmas, it will be fascinating to see whether the British public have put their hand in their pocket more than in recent times.
