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UK labor market data takes center stage as Bank of England officials focus on weakening inflationary pressures

UK labor market data takes center stage as Bank of England officials focus on weakening inflationary pressures

Bitget2024/05/12 06:23

UK labor market data will be in focus next week, which could encourage policymakers to focus on waning inflationary pressures, King Ten reported. Economists' median estimate showed average weekly earnings, excluding bonuses, were likely to rise 5.9% in the first quarter from a year earlier. While the data remains strong, a continued downward trend will please Bank of England officials. On Thursday, two people voted to cut rates and seven voted to keep them unchanged. Following the announcement of this decision, speeches from British policymakers will attract attention. Among them, Bank of England chief economist Peel is scheduled to give a speech on Tuesday.

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