Previous Trading Days Events 15.04.2024

The labour market in the U.K. still experiences wage growth. However, more people are dropping out of the workforce. Regular wages excluding bonuses which BoE is watching as it considers when to start cutting interest rates grew by 6.0 compared with the same period a year earlier, only slightly weaker than a 6.1 rise in the NovembertoJanuary period. Core wages rose by the least since mid2022 in the three months to February but remained strong by historical standards, according to the Office for National Statistics figures.

The unemployment rate rose by more than expected to 4.2 from 3.9, also suggesting a loss of momentum in the jobs market, but the ONS said it was still overhauling its survey which produces that figure and it was subject to volatility.

Yael Selfin, chief economist at KPMG UK, said the rise in the unemployment rate and the latest slowing of pay pressure suggested the labour market was generating less inflation.

The UKs labour market looks increasingly twospeed. Unemployment is rising and inactivity persists, Matthew Percival, the Confederation of British Industrys future of work skills director, said.

The labour market continues to gradually cool but continued high wage growth underlines concerns over inflation persistence, Jack Kennedy, senior economist at jobs platform Indeed, said.

Source

httpswww.reuters.comworldukukregularwagesgrow603monthsfebruary20240416

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