Davy Research

Market comment

UK labour market still likely to show muted pay pressures

DAVY VIEW

Today’s UK labour market data will probably still show resilient employment — unemployment steady at 4.3% but with few clear signs of pay pressures. If anything, average earnings growth could fall back slightly to 2.4% in December. The data will be closely watched given speculation on the timing of the next UK rate hike, now being priced in with a 58% probability to occur by May’s Bank of England Monetary Policy Committee (MPC) meeting.

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