Pantheon Macroeconomics

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18th May 2022 06:49U.K., Daily Monitor

  • Average wages in Q1 were boosted by bonuses; ex-bonus growth has merely matched the MPC’s forecast. 
  • The sharp rise in average hours has boosted weekly wages too; underlying pay pressures are manageable.
  • We expect the labour market to stop tightening soon, as both the participation rate and immigration rise.

average weekly wages composite pmi employees employment hourly wages January job losses job market labour labour market March monetary policy mpc ONS paye payroll pmi policy q1 real wages unemployment unemployment rate wage growth wages weekly wages

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Keywords for: The Latest Wage Growth Figures Won't Make the MPC Panic

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