The fact that wage growth has fallen to its lowest level in more than two years has raised expectations that UK interest rates will be lowered in November.

Official figures indicate that between June and August, pay increased by 4.9%, as opposed to 5.1%.

The data has strengthened the general consensus that the Bank of England may lower interest rates in the UK to 4.75% at its meeting next month.

Analysts do not anticipate that pay growth will impede the Bank's attempts to lower interest rates, even if inflation is still outpacing pay growth.

The Office for National Statistics (ONS) recently released data that indicated the jobless rate decreased to 4%.

Employers are still struggling with rising expenses, and rumours have it that they are hesitant to take significant action until after the chancellor's tax proposals are revealed in the Budget on October 30.

According to the ONS, the percentage of adults between the ages of 16 and 64 who are categorised as "economically inactive" has decreased somewhat to 21.8%.

Additionally, there were fewer job openings—841,000 during the July–September timeframe.

According to David Freeman of the ONS, "Vacancies have fallen once again, with a fall on the quarter in most industries."

"Yet the total is still somewhat higher than it was prior to the pandemic."

(Sources: bbc.co.uk)