Pansen Macro analyst Rob Wood said the latest UK jobs data will make Bank of
England policymakers comfortable leaving rates unchanged. He said employment was
slightly weaker than expected, signaling the labour market is still slowing but
only very gradually. Wage growth is in a range consistent with the inflation
target, though it may not decelerate further and could edge up in coming months.
Private‑sector regular pay excluding bonuses rose 4.8% MoM, the largest monthly
gain since December last year.
