While economists had predicted that the unemployment rate would stay at 3.8% in January, it actually increased slightly to 3.9%.
Additionally, pay growth has tapered down sooner than anticipated.
When bonuses are taken into account, pay packet growth was 5.6%, which was less than the 5.7% increase predicted by Reuters polling economists. Regular pay, which does not include bonuses, increased slightly to 6.1%, compared to the 6.2% growth predicted.
Wage increases haven’t been this low since October 2022, but they are still higher than the 4% annual rate of price increases that occurred in the year prior to January.
