UK Job Market Cools Ahead of BoE Rate Decision
UK pay growth slows to near a six-year low and job vacancies drop to their lowest level since 2014. The soft labor market supports expectations that the Bank of England will hold interest rates steady.
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United Kingdom regular pay grew 3.5% in the three months to July, matching forecasts as vacancies fell to 702,000. The data signals a softening labor market ahead of the central bank's policy decision. Cooling wage pressures reduce the risk of a wage-price spiral despite ongoing energy shocks from Iran conflicts.
