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UK Jobs Market Continues to Cool, Keeping BOE on Track for Cuts

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Office For National Statistics,Wage Growth,Interest Rates

(Bloomberg) -- UK unemployment rose and private-sector wage growth eased, signs of a broad-based cooling in the labor market that are likely to give the Bank...

-- UK unemployment rose and private-sector wage growth eased, signs of a broad-based cooling in the labor market that are likely to give the Bank of England more confidence to cut interest rates in the coming months.China to Start $138 Billion Bond Sale on Friday to Boost Economy

The figures are the first in a series of releases that will be crucial for BOE rate-setters ahead of their next policy meeting in June. Governor Andrew Bailey has said there would be a case for bringing rates down from 5.25% if data is in line with its forecasts.While figures next week are expected to show inflation falling close to the 2% target in April, officials need to judge whether it can be held at that level.

The number of unemployed per vacancy continued to rise, hitting 1.6 - the equal highest since the three months to Aug 2021 In a statement, Chancellor Jeremy Hunt noted that wages have risen faster than inflation for 10 months in a row, which he said will help with the cost of living pressures on families.

“A weakening labour market is a harbinger of interest rate cuts,” said Yael Selfin, chief economist at KPMG UK. “Next month will be key in terms of pay data as it will provide initial evidence of the impact of April’s National Living Wage increase.”

 

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