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Deloitte comments on today’s ONS labour market figures

Commenting on today’s ONS labour market figures, Ian Stewart, chief economist at Deloitte, said:

“The jobs market is past its peak, but it is continuing to run hot. UK wages are growing faster than in the US and euro areas and at a rate which is not remotely consistent with inflation. Today’s data mean that the Bank of England is very likely to raise interest rates again next month. Strong wage growth makes the task of controlling inflation, without generating a hard landing, much more difficult.”