When the latest labour market figures were being gathered in the run-up to Christmas by the Office for National Statistics (ONS), employers were only just beginning to digest a budget that will load about £25bn on to their wage bills.
The data from December showed pay increased in line with expectations, at 5.6%, but the unemployment rate was higher than City economists forecast, at 4.4%, and the number of vacancies fell for the 30th consecutive month.
