UK wage growth slowest since Feb.
Official figures show that wage growth in the UK in the three months to November was its slowest since February.
The trend is going on even as Britain’s unemployment rate unexpectedly fell to 5.1 per cent, its lowest since early 2006, from 5.2 per cent in the three months to October.
The BoE which is keeping a close eye on wage growth as it considers when to raise interest rates at a time when inflation has hovered near zero for months and weakness in the global economy is hurting British output.
According to media reports, total earnings of workers including bonuses rose 2.0 per cent in the three months to November, compared with a forecast of 2.1 per cent in the Reuters poll. Earnings after bonus were 1.9 per cent higher versus a 1.8 per cent forecast.
Meanwhile, in the month of November alone, total wages in the private sector, which are monitored closely by the BoE, rose by 2.2 per cent, compared with 2.1 per cent in October.
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