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Wage growth was accelerated at the end of last year, according to the official data that economists said economists will play the gradual approach to England Bank to reduce interest rates.
The National Statistics Office said on Tuesday that the average weekly profit in the three months to December, with the exception of rewards, was 5.9 percent higher than the previous year, and rose from 5.6 percent in the three months to November.
The number was in line with Reuters’s economists’ expectations.
The acceleration in wage growth was stronger in the private sector, which is a major procedure for Benoi, where the average profits, with the exception of bonuses, were 6.2 percent. Public sector wages grew by 4.7 percent during this period.
The Bank of England expects wage growth in the private sector by 6.3 percent for a period of three months when interest rates in a quarter reduced to 4.5 percent this month.
“The data provides little evidence that the bank will deviate from its current gradual approach to interest rate discounts.”
The upward pressure on wages comes as separate numbers showed that the employment that was tested declined by 14,000 between November and December, and it was less than 3000 in the three months to December compared to the previous quarter, citing HM data for revenues and customs.
Early estimates for the month of January showed that the numbers of staff tested increased 21,000.
Job numbers are closely monitored to assess the impact of October Budget Rachel Reeves in the labor market. The consultant increased national insurance contributions to employers and raised the minimum wage.
The Bank of England reduced interest rates on February 6, in its third reduction since the summer of 2024, and said that the matter would require a “accurate” approach to price discounts in the future.
The latest snapshot in the labor market comes before the release on Wednesday from inflation data in January. Economists expect the numbers to show annual price growth to 2.8 percent in January, an increase of 2.5 percent in December.