UK Wage Growth Slows in Further Sign the Economy is Cooling.

UK wage growth has slowed at the sharpest pace in almost two years, indicating a cooling labor market in response to a weakening economy. Average earnings excluding bonuses rose 7.3% in the three months through October compared to a year ago, down from 7.8% in the previous period. The Bank of England may have done enough to control inflationary pressures from the labor market with its recent interest rate increases, but the tight labor market and continued wage growth could delay rate cuts. The figures also show that pay growth is still strong, but is expected to ease in the coming months. [Extracted from the article]