Market News
UK's accelerating wage growth highlights BoE's inflation caution - REUTERS
By William Schomberg and Andy Bruce
Summary
- Private sector wage growth, watched by BoE, fastest in a year
- Sterling rises against dollar, investors trim rate cut bets
- Data show surprisingly strong picture of labour market
- Figures at odds with other weaker jobs market gauges
LONDON, Feb 18 (Reuters) - British pay growth accelerated in late 2024, according to data that suggested the jobs market was holding up and underscored why the Bank of England has been cautious about cutting interest rates despite a weak overall economy.
Private-sector pay excluding bonuses - the BoE's main gauge of domestic inflation pressure - rose by 6.2% compared with the same period a year earlier, the fastest pace in a year, the Office for National Statistics said.
