"After slowing steadily for over a year, growth in pay excluding bonuses increased slightly in the latest period driven by stronger growth in private sector pay," said Liz McKeown, director of statistics at the ONS. This marks a significant change as private sector pay has taken the lead, growing at an annual pace of 5.4%, highlighting the shifting dynamics in the labor market and the potential implications for economic policies moving forward.
"The latest UK jobs report provides yet more justification, if any were needed, for the Bank of England to keep rates on hold at its meeting this week," said James Smith, developed markets economist at ING. This statement underscores the importance of current pay trends for the Bank's decision-making process, especially as recent data indicates that wage growth is outpacing inflation, suggesting a stronger economic footing.
Collection
[
|
...
]