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UK pay growth lags further behind inflation, but jobless rate drops to 1975 lows

Reuters  |  LONDON 

LONDON (Reuters) - British pay growth lagged further behind inflation in the three months to May, according to official data that may cause Bank of England officials to think twice about the need to raise interest rates. The data also showed the unemployment rate in the period between March and May fell to its lowest since 1975 at 4.5 percent, below the average forecast of 4.6 for Wednesday's figure in a Reuters poll of economists.But the figures on wage growth showed the challenge facing Prime Minister Theresa May and her new government, with growing signs that households are feeling the ...

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First Published: Wed, July 12 2017. 23:06 IST