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UK statisticians say made error in labour data watched by BoE
October 9, 2017 / 7:52 AM / 8 days ago

UK statisticians say made error in labour data watched by BoE

FILE PHOTO - A man speaks on his phone outside the Bank of England in the City of London, Britain, August 23, 2017. REUTERS/Hannah McKay

LONDON (Reuters) - Britain’s statistics office said it made an error in its measure of growth in costs in the labour market, one of the pieces of data that the Bank of England is looking at closely as it considers whether to raise interest rates next month.

The Office for National Statistics said it would correct the data later on Monday.

The ONS said on Friday that annual growth in unit labour costs - the cost to employers to produce a given amount of output - was its slowest in over a year at 1.6 percent in the second quarter, and down from 2.4 percent in the first.

The Times newspaper said the ONS was expected to raise the second-quarter estimate to about 2.4 percent, stronger than the BoE’s forecasts.

Writing by William Schomberg; editing by John Stonestreet

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