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UK wage growth slowed only marginally in the three months to August, according to official data that will offer the Bank of England limited reassurance that pressures in the labour market are easing.
The Office for National Statistics said on Tuesday that average total pay was 8.1 per cent higher over the three month period than a year earlier, down from a growth rate of 8.5 per cent the previous month, but still close to record highs. Regular pay growth, excluding bonuses, slowed from 7.9 per cent to 7.8 per cent.
The agency has delayed the release of key data on employment and labour force participation, which are usually published at the same time as the wage figures, because of problems with data collection.
The ONS also published figures for payrolled employment, which are drawn from HM Revenue & Customs records, as well as data on vacancies. These suggest hiring has continued to slow and payrolled employment remained steady over the summer.
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