FTSE 100 Slips as UK Wage Growth Continues to Cool
UK stocks experienced a muted day as recent labor-market figures revealed wage growth easing once again. The Office for National Statistics reported that average earnings, including bonuses, rose 3.9% from a year earlier, down from 4.2% in the prior period.
The unemployment rate remained at 4.9% in the three months to July, while regular pay, excluding bonuses, increased by 3.5%. The private-sector measure slowed to 2.9%, which is below the Bank of England's forecast for the third quarter.
Berenberg, a German bank, noted that the 2.9% reading supports a hold on interest rates, even as other job-market signals indicate hiring is cooling. Energy stocks held up better than the broader FTSE 100, which can be sensitive to movements in the pound and global companies.