Chamber News
UK wage growth steadies as hiring stalls
15 November 2024 • Sarah Medcraf
Data shows easing pressures in jobs market as Bank of England weighs when to cut interest rates.
UK wage growth steadied in the three months to September as hiring stalled, according to official data that will reassure Bank of England policymakers that pressures in the labour market are easing.
Annual growth in average weekly earnings in the private sector was 4.8 per cent in the three months to September, unchanged from the three month period to August, the Office for National Statistics said on Tuesday.
The figures were the lowest since the winter of 2021-2022 and were in line with the central bank’s latest forecasts.
Ben Harrison, director of the Work Foundation at Lancaster University, said that with Budget changes to payroll taxes and the minimum wage set to kick in, “we could see further cooling of the jobs market as some employers will lack confidence to employ more people as their overheads rise”.
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