UK Wage Growth Hits Record High Amid Cooling Job Market
TL;DR Summary
UK wage growth matched a record high, with basic pay rising by 7.3% in the three months to May, but there were signs of a cooling job market, including an unexpected rise in the unemployment rate to 4.0% and a fall in job vacancies. The Bank of England is closely monitoring wage growth as it assesses inflationary pressure in the economy. While the strong wage growth suggests ongoing inflation concerns, the central bank may need to see an easing in wage growth before considering an end to the fight against inflation.
- UK wage growth matches record high but job market shows signs of cooling Reuters
- United Kingdom wages rising at record rated amid high inflation, some expect interest rates to once again rise Fox News
- UK Wages Grow Faster Than Expected, Pressuring BOE Bloomberg Television
- The Standard View: Wage growth figures underline the need to focus on inflation Evening Standard
- Record pay rises fuel fresh inflation fears BBC
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