MNI BRIEF: UK Wage Growth Slows In January - ONS
UK wage growth slows again, but still sits at elevated levels.
UK wage growth slowed again in the three months to January, the Office for National Statistics said Tuesday, with total and ex-bonus outcomes below both Bank of England and market expectations.
Total wage growth was 5.6%, down from 5.8% in the previous period and 0.1pp below forecast. Ex-bonuses, wages rose 6.1% year-on-year.
ONS director of economic statistics Liz McKeown said recent trends in the jobs market are continuing "with earnings, in cash terms, growing more slowly than recently but, thanks to lower inflation, real terms pay continues to increase".
The Bank of England will welcome the slowdown in wages growth, although the overall levels are still running at levels they will be uncomfortable with. (see MNI INTERVIEW: BOE Right To Be Cautious Over Cuts - NIESR)