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 job placements declined again at the end of the year, albeit at softer rates as employers remained cautious about hiring, a survey report compiled by S&P Global showed Monday.
Further evidence is required to conclude that wage growth is cooling, and for the Bank of England to consider interest rate cuts, Deputy Governor Ben Broadbent said Monday.
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.