UK labour market continues cooling path as wage growth eases to 4.9%

Unemployment rate falls to 4%

The UK labour market is showing signs of further cooling, with wage growth falling to 4.9% in the three months to August.

Annual growth in employees' average regular earnings, excluding bonuses, eased from 5.1% in the three months to July, figures published by the Office for National Statistics today (15 October) show.  The annual growth in total earnings, including bonuses, fell once again to 3.8% from 4%. However, the figure was impacted by the NHS and civil service one-off payments made over the period. Bank of England chief economist Huw Pill cautions against cutting rates 'too far or too fast' "Wage growth has been a persistent challenge for the Bank of England. Although it is moving in the right...