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UK pay growth eased at a slower than expected pace in the fourth quarter and created a bumpy road ahead for an interest rate cut as the Bank of England awaits more signs of easing in the labor market.
The UK wage growth softened in the three months to November suggesting that the upward inflationary pressures are cooling, and bolsters the case for interest rate cuts by the Bank of England.
The UK wage growth slowed more than expected in three months to October raising expectations that the Bank of England will cut interest rates as early as next June.
UK wage growth eased in the third quarter and vacancies declined further reflecting the loosening labor market conditions, data from the Office for National Statistics showed on Tuesday.
The UK wage growth slowed in the three months to August, signaling cooling labor market conditions and strengthened expectations that the Bank of England is unlikely to raise interest rates again to withstand wage-driven inflationary pressures.