The Bank of England is highly unlikely to cut rates this month, but should it? An increasingly bad run of jobs data, which has seen employee numbers fall for 9 out of the past 10 months at an ever-increasing rate, certainly raises the possibility that the Bank needs to speed things up a bit. The hawks at the BoE would point to wage growth, which, despite the material cooling in hiring, has remained stubbornly high. But that is starting to change. Private sector pay growth has fallen from 6% to almost 5% in the space of a couple of months. That’s partly a base effect story, but it also reflects a genuine cooling in ... (full story)