Wage growth in the UK has decelerated to its slowest rate in nearly two years, with average weekly earnings declining to 5.7% in the three months leading to May. This aligns with economists' predictions and raises speculation about a potential Bank of England interest rate cut.
The labour market in the UK is showing signs of softening, with a decrease in the number of vacancies to the lowest in three years, alongside a slight drop in the employment rate. Unemployment remains stable, and the Bank's monetary policy committee awaits further evidence before considering a rate cut.
Earnings growth remains strong but has slowed down, according to the Office for National Statistics (ONS). The ONS noted caution due to low response rates and plans to introduce a revamped labour force survey later this year to improve data accuracy.
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