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Wage growth slows in boost to hope for interest rate cut
The pace of wage rises has slowed and came in lower than expected, official figures show.
Both average weekly earnings and wages excluding bonuses came in lower than expected, a boost to interest rate setters at the Bank of England, potentially opening the door for steeper borrowing cost deductions. There was no change at all in the growth of average weekly earnings, which continued to rise 5.6%, according to data from the Office for National Statistics (ONS) for the three months to February.
Money: The UK areas where houses take just 19 days to sell Wages excluding bonuses continued to grow far above the rate of inflation at 5.9%, the ONS said, but below City forecasts. Economists polled by the Reuters news agency had expected average weekly earnings to rise 5.7% and for wages excluding bonuses to top 6%.
The wage data does not capture the national minimum wage rise, which came into effect on 1 April. Nevertheless, wage growth was described as "strong" by the ONS.
While private sector pay was "little changed.
Amir Nisi
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