UK average earnings including bonuses rose 3.9% year on year in the three months to July, the weakest pace since November 2020 and down from 4.2% previously. Private-sector pay growth excluding bonuses eased to 2.9%, while the unemployment rate held at 4.9% in line with expectations. The Bank of England has said wage growth needs to settle in the 2-3% range to keep inflation stable at its 2% target.