Chart of the week: US wages on the rise

US weekly wages chart

Pay statistics show that inflationary pressure in the US may build up much faster than expected, says the Halkin newsletter.

The average hourly earnings of non-supervisory employees are rising at an annual pace of 2.3%, up from 1.3% 12 months ago. More broadly, the median wage for full-time workers is already expanding by 3% a year.

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27 March 1963: Beeching recommends cuts to Britain's railways

On this day in 1963, Dr Richard Beeching produced his infamous report that saw many railway lines closed in favour of bus services.