Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK wages rose sharply in the three months to June, again highlighting the dangers the Bank of England faces to drive inflation and inflation expectations lower in coming months.
According to the Office for National Statistics, annual growth in regular pay (excluding bonuses) was 7.8% in April to June 2023, the highest regular annual growth rate since comparable records began in 2001. (MNI INTERVIEW: BOE Likely To Revise Up View Of Wage Growth)
Annual growth in employees’ average total pay (including bonuses) was 8.2%; boosted by the NHS one-off bonus payments made in June 2023. In real terms (adjusted for inflation using CPI), annual growth for total and regular pay fell on the year, by 0.2% for total pay, and by 0.6% for regular pay, all above both City and BOE expectations.
The unemployment rate for April to June 2023 increased by 0.3 percentage points on the quarter to 4.2%. The increase in unemployment was driven by people unemployed for up to 6 months.
The economic inactivity rate decreased by 0.1 percentage points on the quarter, to 20.9% in April to June 2023. The decrease in economic inactivity during the latest quarter was largely driven by those inactive because they are looking after family or home. Meanwhile, those inactive because of long-term sickness increased to a record high. (MNI INTERVIEW: UK's Inactive Population Steadies At High Level)
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.