UK Pay Growth Stalls, Expected to Cool Further in 2024-25 ...Middle East

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UK Pay Growth Stalls, Expected to Cool Further in 2024-25
Reuters report on a survey from UK hiring firm BrightMine.In summary:UK median pay awards held steady at 4% in three months to September (prev: 4% in August)Expected median pay rise for year ahead drops to 3% vs 6% in 2023Public sector pay awards unchanged at 5.5%Survey covered 64 pay awards affecting 433k employeesForward guidance based on 289 firms representing ~500k workersQ2 2023 saw higher increases at 4.8%Market Impact:Data aligns with BoE's expectations for wage growth moderationSupports case for further rate cuts, with next decision due Nov 7UK inflation hit 3-year low of 1.7% in SeptemberBoE Commentary earlier in October:Gov Bailey signals openness to faster rate cuts if inflation e

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