The growth of wages in the United Kingdom remained solid in the three months until January despite still slow hires, according to official data which, according to economists
The annual growth in average weekly profits, excluding bonuses, was held 5.9% in the three months and January, the national statistics office announced on Thursday. The figure was in line with the expectations of economists.
Including bonuses, the growth of wages of the period dropped slightly at 5.8%, against 6.1% in the three months and December.
Distinct figures based on tax files have shown that payroll employment was stable, with a marginal increase of 9,000 employees between December and January, because companies were concerned about slow economic growth, the threat of trade wars and imminent increases in minimum taxes and wages.
Job Increase of only 0.1% compared to the year to January. But the provisional figures in February showed certain signs of crawling confidence, with an increase of 21,000, or 0.1% over the month. The initial estimate of the last month has often been revised in the past.
The combination of strong growth in wages and slow hire is difficult for the BOE Monetary Policy Committeewhich should keep interest rates at 4.5% when he announces his decision later Thursday.
“With the cooling of the labor market rather than the collapse and growth of wages blocked in the range of 5.5 to 6.0%, we doubt that the Bank of England will reduce interest rates of 4.5% today,” Ruth Gregory told Capital Economics. But she added: “All this leaves the bank in a delicate position.”
After the publication of employment data, the book slipped 0.3% to $ 1,296.
The MPC fears that the job market will deteriorate more, but it has also become more pessimistic about the pace to which the British economy can grow without catching up the prices. Inflation was held to 3% in JanuaryAnd should climb higher by the middle of the year.
Andrew Bailey, the Governor of the BOE, said last month that there was a risk that the tax increases in the budget could both increase prices and reach jobs more than the central bank initially.
However, payroll figures imply that employment has resisted better than suggested commercial surveys, which had reported sharp reductions in the endowment. Vacant posts also remained stable at 816,000 in the three months for February, similar to pre-pale levels.
Thomas Pugh, economist of the audit firm RSM UK, said that “even if it would be an exaggeration to say that the British labor market was strong, it will not clear”, adding that any other cup “would depend, in part, on the slowdown in wage growth”.
The measurement of unemployment of the ONS, which is less reliable due to problems with the survey on the active population which underlies it, was also stable at 4.4% in the three months until January.
The ONS said that a 75% employment rate was up during the quarter and the year, while economic inactivity was less than 21.5%. However, these changes can reflect improvements in data accuracy rather than recent hiring trends.
