UK headline wage growth accelerates but labor market cools slightly | – #headline #wage #growth #accelerates #labor #market #cools #slightly
LONDON, Feb 14 (Reuters) – The main in England labour The growth rate of the fee accelerated again in the last three months of 2022, the Bank of England in the economy inflation He stressed his concern about the heat, but other data published on Tuesday pointed to the cooling offer did labour in the market.
Excluding bonuses, wages rose 6.7%, a record 20Started in 01 the coronavirus pandemic was the fastest since when changes in earnings were distorted by employee layoffs.
However, overall labour wages rose 5.9% year-on-year in the October-December period, the slowest growth in the three months to July of last year.
Economists polled by Reuters had expected past bonuses to rise 6.5% and total wages to rise 6.2%.
The pace of UK wage growth is closely watched by the BoE as it gauges how much interest rates will be raised.
Sterling before retreating immediately after the data USA rose against the dollar and the euro.
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The ONS said the jobless rate stood at 3.7% in the three months to December, in line with forecasts from economists polled by Reuters and not more than the lowest level in almost 50 years.
But there were signs of further weakening in the labor market.
In the period from November to January, vacancies decreased for the seventh time in a row and decreased by 76 thousand people to 1.134 million.
The unemployment rate – or the share of people not in work and not looking for it – fell to 21.4% in the three months to December, down 0.3 percentage points from the previous three-month period.
The ONS said there was a record high net outflow from economic inactivity in October-December as people moved into work, potentially easing one of the BoE’s worries about the labor market.
Reporting by William Schomberg and Sachin Ravikumar; Edited by Kate Holton
Our standards: Thomson Reuters Trust Principles.
2023-02-14 12:12:46
Source – reuters
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