Wage growth in Great Britain has seen a downturn, with regular pay increasing by only 4.9% in June-August, down from 5.1% in May-July, signaling a potential impact on interest rates.
Despite a slowdown in overall pay growth, average earnings are still outpacing inflation, with regular real pay rising by 2.6% year-on-year, indicating a mixed economic landscape.
The Office for National Statistics reports a decrease in the number of employees on company payrolls, estimating a drop of 35,000 in August and an early 15,000 in September, prompting concerns about overall employment trends.
While wage growth has tempered, David Freeman from the ONS highlights that earnings continue to rise faster than inflation, but advises caution in interpreting labor market changes due to survey response improvements.
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