Blog


UK wage data beats expectations

  • Posted by currencies in Uncategorised
  • March 21, 2018
  • No Comments

The pound rose this morning after the latest UK jobs report showed that wage growth picked up, fuelling expectations for a rate hike by the Bank of England, possibly as soon as May.

The Office for National Statistics reported that average earnings, including bonuses, rose by 2.8% from 2.6% a month earlier. Excluding bonuses, average earnings rose by 2.6% in the three months to January.

The unemployment rate was down to 4.3%.

The number of people in employment rose by 168,000, while the number of people claiming unemployment benefits rose by 9,200.

The jobs data came a day after official figures showed that inflation in the UK fell to 2.7% last month, its lowest level since July.

The pickup in wage growth, closing the gap with inflation, indicated that the cost of living squeeze in the UK is coming to an end, bolstering the case for the BoE to hike interest rates in the coming months.

In February the bank indicated that interest rates were likely to go up more quickly than previously expected if the economy remained on its current track.

Economists have predicted there might be a rate rise as early as May.

Leave a Reply

Your email address will not be published.

What's Going On?

Currencies 4 You Ltd is a company registered in England and Wales (registered no. 06866898). Registered office: Regus House Victory Way Admirals Park, Crossway, Dartford, Kent, DA2 6QD. Currencies 4 You Ltd Payment and Foreign Currency Exchange Services are provided by Currency Cloud Limited and Equals Connect Limited. Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money. FCA registration number: 900199. Payment Services are provided by Equals Connect Limited, registered in England and Wales (registered no. 07131446). Registered Office: Vintners’ Place, 68 Upper Thames St, London, EC4V 3BJ. Equals Connect Limited are authorised by the Financial Conduct Authority to provide payment services (FRN: 671508). Payment services for Currencies 4 You Ltd are provided by Sciopay Ltd. Sciopay Ltd is a company incorporated in England & Wales. Registration No: 12352935. Sciopay Ltd is licensed and regulated by HMRC as a Money Service Business (MSB). Licence No: XCML00000151326. Sciopay Ltd is authorised by the Financial Conduct Authority as an Authorised Payment Institution. Firm Reference Number: 927951. | Terms and Conditions | Privacy Statement | Careers