Experts said a June interest rate cut was ‘up in the air’ after wage growth remained stronger than expected.
Britain’s jobs market has cooled further after the unemployment rate lifted to its highest level for nearly a year, but pay packages continue to outstrip inflation thanks to resilient earnings growth.
Vacancies in the jobs sector also dropped by 26,000 quarter on quarter to 898,000 in the three months to April – the 22nd consecutive fall. It marked the second time in a row that the decline in earnings growth has failed to match forecasts. Experts said the latest jobs data showed the impact of interest rates remaining at their highest since 2008, at 5.25%.
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