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Dovish UK jobs report bolsters case for further rate cuts
At a time when the Bank of England is poised to slow the pace of interest rate cuts, the latest UK jobs report suggests its work is not done yet. That’s because private sector wage growth – something that’s long proven to be a thorn in the Bank’s side – is finally showing signs of falling more rapidly. Pay growth among companies is now running at 4.4% in annual terms, down from 6% around the turn of the year. The news is even better if you look at the three-month annualised rate of private sector pay growth, which now sits at 2.4%. That suggests there’s a good chance now that the annual rate will fall ... (full story)
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