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Faster pay growth reduces chance of interest rate cut

December 17, 2024
in Business
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Faster pay growth reduces chance of interest rate cut
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The unemployment rate was unchanged at 4.3%, although there are questions over the reliability of the jobs figures from the ONS due to issues with how it gathers the data.

“After slowing steadily for over a year, growth in pay excluding bonuses increased slightly in the latest period driven by stronger growth in private sector pay,” said Liz McKeown, director of statistics at the ONS.

Private sector pay grew at an annual pace of 5.4%, the ONS said.

The Bank of England watches the pay and jobs data closely when making decisions on interest rates.

It has cut rates twice this year as inflation – which measures the rate at which prices are increasing – has fallen.

The Bank meets to discuss rates again this week, but it is not expected to make a further cut given the strength in pay growth.

“The latest UK jobs report provides yet more justification, if any were needed, for the Bank of England to keep rates on hold at its meeting this week,” said James Smith, developed markets economist at ING.

Mr Smith noted that the jump in wage growth was entirely down to the private sector.

“This matters for the Bank, because private sector pay trends tend to be more reflective of the wider situation in the jobs market than in the public sector,” he said.

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