UK hiring activity has slowed, but wage growth remains strong, underscoring a policy challenge for the Bank of England as it weighs the timing of potential interest rate cuts.
Fresh labour market data shows a decline in recruitment, suggesting that employers are becoming more cautious amid a sluggish economic backdrop. However, pay growth has stayed robust, particularly in the private sector, raising concerns that inflationary pressures could persist.
Economists say the combination of weakening employment demand and elevated wages places the BoE in a difficult position, as it must balance supporting the economy with ensuring inflation continues to fall toward its target.
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