UK wage growth data falls below expectations in February
ONS warns figures are ‘likely to be revised when more data is received next month’
ONS warns figures are ‘likely to be revised when more data is received next month’
Mixed data ‘muddies the waters’ for the Bank of England
60 basis points below the ONS’s growth figures released last month
Wage growth excluding bonuses eased to 7.7%
ONS introduces new process which uses tax data and benefit claims
Minimum volatility and quality assets best to protect against UK’s lacklustre economic environment
Signs the cost-of-living crisis is beginning to ease, though a September rate rise looks ‘bolted on’
But commentators still bracing for Brexit-related squeeze on household spending
Sterling was up against the dollar this morning as wages grew faster than expected, according to the Office for National Statistics (ONS).
The UK saw another month of weak retail sales that lagged consensus expectations in January, confirming that the long-term trend is toward a “slowdown”.
Consumer price index (CPI) inflation remained at 3% in January, defying the consensus view that it would marginally dip to 2.9%.
Average weekly household spending rose to its highest level since 2006 for the financial year ending 2017, as retail sales for December declined.