UK wage development confirmed little signal of easing within the three months to March, in line with official figures that can reinforce policymakers’ issues over inflation.
The Workplace for Nationwide Statistics mentioned common earnings within the non-public sector, excluding bonuses, had been 7 per cent larger than a 12 months earlier, up from 6.9 per cent within the three months to February, whereas development in public sector earnings reached a 20-year excessive of 5.6 per cent.
Progress in complete pay was barely decrease, due to a much less beneficiant bonus season than in 2022, however earnings throughout the financial system had been nonetheless 5.8 per cent larger than a 12 months earlier.
Nonetheless, Tuesday’s figures additionally confirmed that prime inflation and rising rates of interest are beginning to weigh on the roles market. The unemployment fee elevated by 0.1 share factors to three.9 per cent as individuals who had beforehand chosen to not search for work returned to job-seeking.