Hot UK Wage Data Keeps Spotlight on Bank of England Rate Hikes
- Weekly earnings hold at 7.3%, equaling last month’s reading
- Data show signs that more Britons may be looking for work
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UK wages rose more than expected to a level that Bank of England Governor Andrew Bailey said is fueling inflation, maintaining pressure for higher interest rates.
Average weekly earnings excluding bonuses held at 7.3% in the three months through May after figures for the period through April were revised up, the Office for National Statistics said Tuesday. It equaled the highest readings on record last month and in mid-2021, when the figures were distorted by the pandemic. Economists had expected a slowdown to 7.1%.