U.K. Jobs Data Suggest BOE is Unlikely to Raise Interest Rates -- Market Talk

Dow Jones03-19

1011 GMT - Weak U.K. labor market data indicate that "the bar to a Bank of England rate hike is high," ING's James Smith says in a note. The U.K. unemployment rate remained unchanged at an elevate level of 5.2% in the three months to January. Average wage growth, excluding bonuses, slowed to 3.8% in the three months to January from 4.2% in October to December. "We still think the next move is more likely to be a rate cut, even if the timing is increasingly uncertain," Smith says. However, rising energy prices are causing money markets to price in a 60% chance of a BOE rate increase in June, LSEG data show. (miriam.mukuru@wsj.com)

(END) Dow Jones Newswires

March 19, 2026 06:11 ET (10:11 GMT)

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Average wage growth, excluding bonuses, slowed to 3.8% in the three months to January from 4.2% in October to December. \"We still think the next move is more likely to be a rate cut, even if the timing is increasingly uncertain,\" Smith says. However, rising energy prices are causing money markets to price in a 60% chance of a <a href=\"https://laohu8.com/S/00710\">BOE</a> rate increase in June, LSEG data show. 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The U.K. unemployment rate remained unchanged at an elevate level of 5.2% in the three months to January. Average wage growth, excluding bonuses, slowed to 3.8% in the three months to January from 4.2% in October to December. \"We still think the next move is more likely to be a rate cut, even if the timing is increasingly uncertain,\" Smith says. However, rising energy prices are causing money markets to price in a 60% chance of a <a href=\"https://laohu8.com/S/00710\">BOE</a> rate increase in June, LSEG data show. 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