Pay awards hold steady in February
Pay awards held steady in the three months to end February possibly giving the Bank of England some leeway as it considers more interest rate cuts.
The latest survey from Income Data Services showed wages rose by 3.5% in the three months, in line with the previous month's figure.
Some industries saw higher settlements with pay rounds in the chemical, pharmaceutical and construction sectors up by 4%. Deals in the engineering and telecoms sectors were lower, IDS said.
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"In the real economy, pay bargaining and pay rises continue to reflect RPI inflation, market comparisons and company performance," said Alastair Hatchett, head of pay services at IDS. "Current levels of increases reflect company stability rather than the panic of financial markets," he added.
The data was based on 105 pay deals for 580,000 employees.
