BOE Agents: “Upward Creep” In Wage Settlements Continuing

LONDON (MNI) – With inflation elevated, overall pay growth has
remained subdued but there is a continuing “upward creep” in wages
deals, according to the latest Bank of England Agents’ Report.

The BOE agents report, accompanying the July Monetary Policy
Committee minutes, said businesses “expected a small increase in private
sector employment over the next six months”.

“Pay growth remained muted overall, although the upward creep in
wage settlements noted in the past couple of months had continued,” the
report said.

The agents found some evidence of that consumer spending had
slowed in the second quarter, while investment intentions pointed to a
gentle rise in spending.

–London newsroom: 4420 7862 7492 e-mail: drobinson@marketnews.com

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