UK Wage Data Raises Case for Bank of England to Hold out on Rate Rise

0828 GMT - U.K. labor-market data strengthens the case for the Bank of England to hold back on a rate rise next week, a position already bolstered by the fallout of the collapse of Silicon Valley Bank, Samuel Tombs, Chief U.K. Economist at Pantheon Macroeconomics says in a note. Wage growth slowed substantially, with the headline rate excluding bonuses declining to 6.5% in the three months to January from 6.7%, despite the modest increase in labor market slack, he says. The annualized rate of three-month-on-three-month growth in private-sector wages tumbled to 5.6% in January, from 6.7% in December, an issue specifically highlighted by the central bank's monetary-policy committee in its minutes, he says. Admittedly, however, labor-market slack is increasing only gradually, he adds. (edward.frankl@wsj.com) 


 
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Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

03-14-23 0445ET