Wage growth comes in ahead of expectations despite loosening labour market
Bank of England rate-setters received a mixed picture from the latest labour market figures, with progress on wage growth stalling even as unemployment crept up.
According to the Office for National Statistics (ONS), pay growth excluding bonuses eased to 4.8 per cent in the three months to September, down from 4.9 per cent previously but slightly ahead of expectations.
This confirmed that regular pay growth remained at its lowest level since June 2022.
Including bonuses, however, annual wage growth rose to 4.3 per cent, up from 3.8 per cent last month and comfortably ahead of City projections.