Deloitte comments on today's ONS labour market figures
10 September 2024
Commenting on today’s ONS labour market figures, Debapratim De, director of economic research at Deloitte, said:
“Wage growth has continued to slow in the three months to July, pointing to further cooling in the labour market. This is welcome news for the Bank of England and should support policy easing. We expect interest rates to be kept on hold this month, but two further cuts are likely in the subsequent meetings this year.
“The slight decline in the unemployment rate conflicts with the cooling suggested by the wage data. But it is difficult to place a lot of weight on those figures, due to the low response rates to the survey from which unemployment is estimated.”
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