Wages Going Sideways Buy Time for Carney on Rates
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U.K. wages, which Bank of England policy makers identify as the key barometer in the debate over borrowing costs, are going nowhere.
Pay excluding bonuses rose just 0.7 percent in the three months through May from a year earlier, the least since records began in 2001, government data published yesterday showed. As recently as May, the BOE expected earnings growth to approach 2.5 percent by the fourth quarter.