UK Wage Growth Holds Steady at 4.1% in June Amid Easing Labor Market Pressure

UK wage growth held steady at 4.1% in June as earnings surpassed inflation for the eighth consecutive month, according to official data released by the Office for National Statistics (ONS).

The latest figures show that total pay, including bonuses, grew at an annual rate of 4.1% in the April-to-June quarter, matching market expectations and unchanged from the revised reading for the three months to May.

Regular pay, excluding bonuses, also rose by 4.1% over the same period, slightly above the consensus forecast of 4.0%. This sustained wage growth continues to outpace inflation, which stood at 2.8% in June, giving workers a real-terms increase in spending power.

Economists noted that the steady earnings data combined with a recent uptick in unemployment to 4.4% reinforces the view that the Bank of England will hold interest rates at their current level when policymakers meet next week.