UK wage growth eased slightly in the three months to September as hiring slowed while the number of payrolled employees continued to rise, the Office for National Statistics said on Tuesday.
Average annual growth in regular earnings, excluding bonuses, was 7.7 per cent in the third quarter of the year, down from a peak of 7.9 per cent two months earlier. Annual growth in total pay, which hit a record high of 8.5 per cent in July, had slowed to 7.9 per cent.
The figures corroborate other data suggesting the labour market has softened and wage growth has slowed from record highs in recent months as higher interest rates weigh on economic activity.
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