The Office for National Statistics announced on the 21st that average wages excluding bonuses rose 3.4% year-on-year in the March to May period, unchanged from the February to April level and remaining at the lowest since October 2020. The unemployment rate came in at 4.9%, slightly below the market forecast of 5%, but the youth unemployment rate for those aged 16 to 24 climbed to 16.4%, the highest since 2014. Private sector wage growth, which the Bank of England watches closely, increased by 2.9%, the lowest since 2020, and analysts see little chance of mounting pressure for rate hikes. The prevailing market view is that the Monetary Policy Committee will keep the policy rate on hold at 3.75% at next week's meeting.