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17th Mar 2024 19:17UK, Daily Monitor

  • The MPC will need to cut rates rapidly if the weak Report on Jobs survey is right about pay growth.
  • The RoJ reliably shows the direction of pay but is less good at measuring the precise growth rate.
  • Other—also reliable—surveys are stronger; pay is slowing, but not as much as the RoJ indicates.

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Keywords for: 19 March 2024 UK Monitor

Pantheon Macro, Pantheon Macroeconomics, independent macro research, independent research, ian shepherdson, economic intelligence