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Podcast: Beyond Currency
Episode: 16 August 2023 - Data supports another US rate hike
Description: The publication yesterday of the July employment report focussed the market’s attention, as predicted, more on the possibility of a price/wage spiral than the number of people in work.
Average earnings rose by a record 7.8% in the three months to June which will encourage the Bank of England to continue the chain of interest rate increases that began in December 2021.
The largest increase in average earnings since records began means that for the first time in a year, wages grew faster than prices. One spin-off of the rise is that the Government’s triple-lock on pensions and other stat...