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Weaker UK jobs data may offer inflation relief to BoE
Payrolls fell by 43,000 in December while private sector wage growth slowed to 3.6%, the lowest since 2020, reflecting employer caution amid inflation concerns.
- On Jan 20, Britain's jobs market weakened in the run-up to finance minister Rachel Reeves' November budget, with wage growth slowing in official Office for National Statistics measures.
- ONS payroll data showed a sharp monthly fall with December payrolls dropping the most since November 2020, and the November payroll revision lowered the decline from 38,000 to 33,000.
- Vacancies unexpectedly rose, according to Jack Kennedy, senior economist at Indeed, with a 10,000 rise to 734,000 in December as the pound weakened; Kennedy said, `But a clearer improvement in the UK economic outlook is likely needed before hiring activity picks up more meaningfully.`
- The Bank of England is expected to hold Bank Rate at 3.75% in February as officials watch pay measures, while analysts say further jobs reports by March could prompt rate cuts.
- Private-Sector pay growth excluding bonuses has slowed to 3.6%, year-on-year wage expectations settled around 3.5-4%, and headline CPI at 2% target could allow Bank Rate at 3.25% by June.
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Malay MailReposted by 
AlKhaleej Today
AlKhaleej TodayUK unemployment holds at 5.1pc as firms cut staff amid budget uncertainty
LONDON, Jan 20 — Britain’s unemployment rate remained at 5.1 per cent at the end of last year, official data showed today, as companies trimmed staff amid UK budget uncertainty.The near five-year high rate for the three months to the end of November was unchanged from the quarter ending October 31, the Office for National Statistics said in a statement.The latest unemployment reading, matching analyst expectations, covered the period ahead of th…
·Selangor, Malaysia
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Total News Sources39
Leaning Left3Leaning Right8Center4Last UpdatedBias Distribution53% Right
Bias Distribution
- 53% of the sources lean Right
53% Right
L 20%
C 27%
R 53%
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