Wage Growth Stagnates As Labour Market......>

UK DATA: Wage Growth Stagnates As Labour Market Weakens

- UK Q2 total earnings +3.6% y/y vs +3.7% June-Aug

- UK Q2 regular earnings (ex bonus) +3.6% vs +3.8% June-Aug

- UK Q2 real total AWE +1.8% vs +1.8% June-Aug

- UK Q2 real ex-bonus AWE +1.7% vs +1.9% June-Aug

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Earnings growth has shuddered to a halt, with total and regular 

wages rising by far less than the 3.8% expected on both measures. 

Members of the Bank of England's Monetary Policy Committee discussed the 

possibility of a further softening of earnings growth at their meeting 

earlier this month, and the latest data could shut down the bank's 

recent guidance suggesting that rates could move in either direction. 

Earnings stagnated or decelerated across the board, with the exception 

of construction sector wages, which accelerated to an annual rate of 

6.0%, far outpacing gains in other sectors.