UK Pay Growth Slows, Job Market Mixed

0:00On March 19, UK pay growth has slowed to its lowest rate in more than five years. Official figures from the Office for National Statistics show annual earnings, excluding bonuses, rose by 3.8 percent from November 2. January. Unemployment held steady at 5.2 percent during that time. Meanwhile, job vacancies stayed largely stable overall. Smaller companies reported fewer openings, but larger firms saw increases that balance things out. This points to a mixed picture in the job market. The data arrives just before the Bank of England's interest rate decision. Officials now expect rates to remain unchanged, as speculation for cuts faded. Recent tensions from the US-Israeli conflict with Iran have driven up fuel and energy costs, shifting the outlook for borrowing. The labor market remains in focus as the economy navigates these pressures.