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UK wage growth slows as employment falls
A staff member asks for a sign on the window of a restaurant in Soho, London, England, Tuesday, September 7, 2021.
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Data from the British Office for National Statistics shows that between November 2023 and January 2024, the normal salary growth rate in the UK is 6.1% say on tuesdayAnalysts noted that the news was unlikely to undermine expectations that the Bank of England would begin cutting interest rates by mid-year.
Annual wage growth slowed to levels last seen in the August-October 2022 period, slightly below the 6.2% forecast by economists polled by Reuters.
Salary growth including bonuses is 5.6%. Wage growth continued to outpace inflation, with real wages rising by 1.4%.
UK employment fell 0.1 percentage points over the same period from a year earlier to 75%, although the number of salaried employees rose by 15,000 in January.
“The slowdown in wage growth in January may still be a little too slow for the Bank of England. But there are encouraging signs that a more pronounced slowdown is coming, with a rate cut in June likely,” said Paul Capital Economics chief executive British economist Dales said in the report.
“The number of job openings fell further from 928,000 in the three months to January to a 32-month low of 908,000 in the three months to February, suggesting that the labor market continues to be looser than the unemployment rate indicates. That level… combined with CPI inflation falling below the 2% target in April, may be enough to prompt a rate cut in the summer,” Dales added.
—Jenny Reed
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European Markets: Here are the opening calls
European markets are set to open higher on Tuesday.
British FTSE 100 The German stock index is expected to open 51 points higher at 7,718 German DAX Index France rises 105 points to 17,847 CAC Up 51 points to 8,069 points, Italy FTSE MIB It rose 173 points to 33,495, according to IG data.
Revenue comes from Lego and Persimmon. Data releases from Europe include UK unemployment figures for January.
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