What Do Brexit and the Black Death Have in Common?

Rising wages,* it appears.

This is precisely what the experts said would not happen:

No, really? Yes, really, via Reuters:

Major British employers gave average pay rises of 2.6% to staff in the three months to July, the highest pace of increase in more than 10 years, data from industry consultants XpertHR showed on Thursday.

Annual pay settlements in Britain began to rise roughly a year ago as the lowest unemployment rate since the mid-1970s put pressure on employers to retain staff, but deals had been stuck at around 2.5% in recent months.

And more:

In sharp contrast to the broader economic slowdown that has taken Britain to the brink of recession, the Office for National Statistics said annual average pay – excluding bonuses – rose by 3.9% in the three months to June, the highest rate since June 2008.

The ONS said about 115,000 more people found a job between April and June, when Theresa May extended the Brexit deadline until October, pushing up the number of people in work to a record of just over 32.8 million.

I’m not sure that the whole “Black Death” thing is particularly reassuring though.

H/t Naked Capitalism.

*For those of you who are not up on your labor history, after about half of Europe died of the plague, peasant wages jumped as a result of labor shortages.

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