July 18, 2024 06:29 GMT
MNI BRIEF: UK Labour Market Slows Ahead Of BOE Meet
Unemployment at 4.4%, vacancies fall and wages growth slows ahead of August BOE decision.
MNI (LONDON) - The UK labour market continues to slow, with the number of vacancies still falling and unemployment rising, the Office for National Statistics said Thursday. Earnings growth remains relatively strong although lower than a few months ago, rising 5.7% year-on-year over the last three months.
The UK unemployment rate was estimated at 4.4% in March to May 2024, above estimates of a year ago, an increase across the latest quarter.
The data was largely in line with Bank of England projections and will do little to move the views of the nine policymakers on the MPC. However, the overall take ahead of the August 1 policy decision is that the jobs market is slowing, but perhaps not as quickly as hoped.
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