UK pay growth slows to 3.9% before crunch interest rates decision
Average weekly earnings rose 3.5% while vacancies fell to 702,000, reinforcing signs of a cooling labor market before the Bank of England decision.
- On Tuesday in LONDON, official data showed Britain's unemployment rate remained steady at 4.9% in the three months to July, days before a Bank of England interest rate announcement.
- Average weekly earnings, excluding bonuses, grew by 3.5% for the three months to July compared with the same period in 2025, The ONS reported, matching economist forecasts.
- Job vacancies fell to 702,000 from 706,000 in the three months to August, marking the lowest reading since April 2021; small businesses cited high employment costs as a constraint.
- Investors on Monday priced a roughly one-in-three chance of a quarter-point rate hike by The BoE on Thursday, reflecting market expectations ahead of the decision.
- The BoE is monitoring how energy prices driven by the Iran war affect inflation, while the Monetary Policy Committee faces expectations of rate hikes in November and December.
9 Articles
9 Articles
UK unemployment rate lower than expected in July but pay growth cools
The UK jobless rate was steady in the three months to July, defying expectations of an increase, according to numbers from the Office for National Statistics on Tuesday. The UK unemployment rate... -September 15, 2026 at 02:18 am EDT MarketScreener
Economy alert: Unemployment rate stuck at 4.9% as UK job market prepares for 'rockier autumn'
Britain's unemployment rate remained stuck at 4.9 per cent in the three months to July, according to the latest figures from the Office for National Statistics (ONS).While analysts had forecast an uptick to five per cent, the Labour Government is under pressure to tackle the growing number of youth not in employment, education or training (NEETs).Notably, the number of people claiming jobless benefits climbed by 27,8000 in August, compared with …
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