U.K. Payrolls Rise Above Pre-Covid Levels With Record Hiring

British companies pushed the number of workers on payrolls above pre-coronavirus levels last month, an indication of strength in the labor market that may embolden the Bank of England to raise interest rates, Bloomberg News reported. Payrolls climbed by a record 207,000 last month, according to data from the U.K. tax authority. Separate figures from the Office for National Statistics showed job vacancies rose to 1.2 million, also an all-time high. The figures suggest a robust recovery in employment is likely to absorb many of the 1 million workers who remained on furlough as the government ended the program last month. Policy makers on the central bank’s Monetary Policy Committee are scrutinizing the data as they weigh when to raise rates, with financial markets pricing in a move in December. Read more.