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.
Average earnings excluding bonuses grew 7.8 percent in the three months to August, data from the Office for National Statistics showed on Tuesday. The annual rate came in line with expectations, but was slower than the 7.9 percent increase seen in the July quarter. Nonetheless, this was one of the highest annual growth rates since comparable records began in 2001.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.