UK pay awards drop to lowest level in two years

UK Incomes Data Research survey of wage growth:

• median pay settlement awarded by major employers dropped to 4.0% in the three months to July, the lowest since August 2022 and down from 4.8% in the three months to June

Subdued wage growth, if a 4& quarterly gain can be so described, keeps the Bank of England on track for further rate cuts.

Wednesday brought earlier wages data from the UK:

• UK July ILO unemployment rate 4.1% vs 4.1% expected