A rising unemployment rate gives further hope interest rate rises will now be paused, writes our business correspondent GurpreetNarwan
That goes some way towards explaining why wages are increasing at a robust pace.This was up from 6.6% and was driven by a big surge in public sector pay as the government struck deals with striking unions.
Although workers are securing chunky pay rises wage growth is still lagging inflation, which is in double digits.'Shock has reduced our national income' It is keeping a particularly close eye on pay in the private sector, which has a bigger impact on inflation. Samuel Tombs, economist at Pantheon Macroeconomics, said the figure was in line with the Bank's own forecasts.
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