Overview
- Regular pay rose 3.8% in the three months to January, the weakest pace since November 2020 and below the 4.0% economists expected.
- The unemployment rate held at 5.2% in the same period, slightly better than forecasts for a rise to 5.3%.
- Job vacancies fell by 6,000 to 721,000 in the three months to February, reinforcing a subdued hiring backdrop.
- Payrolled employment increased by a provisional 20,000 between January and February, with January revised to a 6,000 gain, signaling a small recent uptick.
- Markets now expect the Bank of England to keep rates on hold, as higher energy costs linked to the regional conflict complicate the inflation outlook.