By Ed Frankl Wage growth in the U.K. moderated slightly in the three months to August, easing the pressure on the Bank of England to hold interest rates at...
Wage growth in the U.K. moderated slightly in the three months to August, easing the pressure on the Bank of England to hold interest rates at their current level.
Annual growth in average weekly earnings excluding bonuses was 7.8% in June to August, according to data from the Office for National Statistics published Tuesday, matching a consensus of economists polled by The Wall Street Journal. That was a little lower than the upwardly revised 7.9% registered in the three months to July, which was one of the highest growth rates since records began in 2001, the ONS said. It was the first fall in wage growth since January, suggesting U.K. may have peaked amid a cooling labor market.Including bonuses, wage growth slowed even more steeply to 8.1% in the three months to August from 8.5% in May-July.
The ONS delayed some other labor-market data that was previously due to be published on Tuesday, including its headline unemployment rate, which will now be published in a week's time.
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