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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by Renju Jaya
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