The UK job market displayed further signs of stagnation last month, with a deceleration in wage growth among employers, according to a survey that will be considered in the

Bank of England’s conversations about the timing of potential interest rate cuts.

The Recruitment and Employment Confederation indicated that permanent hiring continues to decline, marking almost two years of downturn; however, the decrease was less pronounced than the previous month, and pay rises were more modest compared to June.

“Businesses may be cautious to hit go on their full recruitment and investment strategies until they have heard more from the Chancellor in her Autumn Budget,” Jon Holt, chief executive of KPMG in the UK, said, referring to finance minister Rachel Reeves’ Oct. 30 fiscal statement.

For temporary positions, the rate of wage growth was the slowest in nearly three and a half years, as reported by the REC, which collaborates with the accounting firm KPMG to conduct the survey. Photo by Phil Whitehouse, Wikimedia commons.