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Wage Growth Falls To 3.4% From 3.6% A Month Earlier

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"LONDON (Reuters) - Annual wage growth slowed in the three months to November while the unemployment rate spiked to a two-year high in official data that supported expectations interest rates may soon fall.

The Office for National Statistics said on Wednesday annual average earnings growth slowed to 3.4 percent from 3.6 a month earlier -- the weakest in 2-1/2 years and in line with economists' forecasts.

..........The ONS said the slowdown in pay growth in the latest period was mainly due to the fact that a number of one-off bonuses in the financial services sector that were paid in October and November 2004 were not repeated.

But big bonuses in the City of London are expected early this year after a bumper year for equity markets -- the FTSE 100 index is near a 4-1/2 year high -- and a flurry of mergers and acquisitions business."

Well, the BoE people are keeping a close eye on pay growth - interesting tumes ahead!

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Whats amazing is that pay growth at around 70% above inflation is likely to be seen as another reason to cut interest rates.

the news does say a lot about reasons to cut interest rates, I doubt that they will though..

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