Economic news

UK feels less pressure to raise interest rates after earnings growth slowed down

The BoE is slightly relieved of the urge to lift interest rates as the fresh official data demonstrated that wage growth paced down regardless of the recent unemployment contraction.

The unemployment had dwindled by 38,000 in the span of three months to April, with the remaining number of jobless 1.42 mln, said the report on the jobs market from the Office for National Statistics.

Wages growth, though, with bonuses inched down to 2.5%, losing 0.1 point, whereas earnings growth without bonuses gave up around the same, falling to 2.8%.

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