Commenting on the latest ONS labour market data, Jake Finney, Senior Economist at PwC UK, says:
“The latest ONS data paints a picture of a labour market that has remained broadly resilient despite heightened geopolitical instability. The headline indicators remain largely stable, with the unemployment rate falling by 0.1 percentage points over the latest quarter and payrolled employment flatlining over the past month.
“Most importantly for the Bank of England, nominal regular earnings growth remained unchanged at 3.4%. This suggests that the downward trend seen over the past year may be starting to decelerate. Although labour market-driven inflationary pressures have receded, the Bank will remain wary that further international turmoil could complicate the outlook and reignite inflationary pressures.”
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