The Wall Street Journal
Wage Growth Picks Up, Jobless Rate Falls Ahead of Bank of England Meeting
xCruzo Brief
U.K. wage growth firmed slightly, with annual weekly earnings excluding bonuses rising to 3.7% in the three months through August. At the same time, the jobless rate fell, adding to signs of resilience in the labor market. The combination of quicker pay growth and improving unemployment data increases the odds that the Bank of England could raise its key interest rate when it meets soon. The short update frames the upcoming policy decision around whether inflation pressure may prove persistent, supported by a labor market that appears not to be cooling as fast as hoped.
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