Wage growth in the UK continued to slow in the 3 months to July, slightly more than had been expected, in a boost to the Bank of England.
The figures including bonuses have been distorted however by one off payments to NHS and Civil Service staff in June and July of 2023.
The UK's labour market continues to show little signs of weakening; however, the continued moderation in wage growth means that there are no clear reasons that the Bank of England cannot continue on its interest rate cutting path.
Initial market reactions have been muted with a brief spike in the pound having already dissipated.
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