UK pay growth eased at a slower than expected pace in the fourth quarter and created a bumpy road ahead for an interest rate cut as the Bank of England awaits more signs of easing in the labor market.
UK wage growth eased in the third quarter and vacancies declined further reflecting the loosening labor market conditions, data from the Office for National Statistics showed on Tuesday.
Latest UK labor market data underscored the softening situation with the number of people in jobs continuing to fall, official data revealed on Tuesday. The unemployment rate was 4.
The UK unemployment rate increased unexpectedly in the second quarter, the Office for National Statistics revealed on Tuesday. The jobless rate rose to 4.2 percent in three months to June, while it was forecast to remain unchanged at 4.
Although the UK unemployment rate rose in the second quarter, wage growth accelerated more than expected, raising the chances of the Bank of England raising interest rates by another quarter-point in September.