“Overall pay growth remains relatively strong, with pay growth high in both the public and private sectors, despite the latter slowing slightly in the latest period," ONS director of economic statistics Liz McKeown said. (see MNI INTERVIEW: UK Wage Growth To Slow - Brightmine's Attwood ) “The wider labour market picture is relatively unchanged, with the number of employees on payroll broadly flat in the latest period and with little growth seen over much of the last year," she added. Vacancies rose 1,000 over the period to January -- the first increase since June 2022.
The Bank of England's MPC, who decided their latest policy decision Wednesday and will publish it at midday Thursday, were provided with the latest jobs data by the ONS on Monday, as is standard on months when release and meetings coincide. The data will not move the needle for the MPC, but underlines the challnge that elevated wage growth poses for policymakers.
