UK wage growth slows down and job vacancies decline

UK wage growth in the three months to October slowed down to 7.3%, lower than the expected 8.5%. This has raised concerns among economists that the Bank of England might cut interest rates sooner than anticipated. Additionally, job vacancies have fallen for the 17th consecutive month, suggesting a softening labor market. However, it is important to note that the number of vacancies is still higher than pre-pandemic levels. While wage growth and vacancies remain important indicators, the impact of COVID-19 on these figures cannot be overlooked.