UK Wage Growth Slows as Job Vacancies Decline

Despite the slowdown, earnings continue to outpace inflation, with the Bank of England expected to maintain interest rates at 5.25%.

Wage growth in the UK has slowed more than expected, with growth in total average earnings dropping from 8% to 7.2% in the three months to October compared to the same period last year.
The number of job vacancies has also continued to fall, declining by 45,000 to 949,000, marking the longest period of decline on record.
Despite the slowdown, earnings are still outpacing inflation, which stood at 4.6% in October.
The Bank of England is expected to maintain interest rates at 5.25% in its upcoming meeting, despite the slowing economy.
Analysts suggest that if the trend of slowing wage growth and falling job vacancies continues, the Bank of England may consider cutting interest rates as early as the second half of 2024.