Wages grew at a slower pace than expected in the three months to November, official figures show.
Total pay including bonuses rose by 6.5pc, down from 7.2pc in the three months to October.
The Bank of England has said it wants to see wage growth falling before it considers cutting interest rates.
5 things to start your day
1) British bosses planning biggest hiring spree in G7 | Big Four accountancy firm PwC ays economic forecasts are unduly gloomy about 2024
2) Sir James Dyson picks battery expert to run gadget business | The appointment comes as Dyson invests heavily in batteries
3) Crucial gas supplier to Britain stops shipments through the Red Sea | Houthi attacks in the important shipping corridor continue to cause disruption
4) Row escalates over ‘defamatory’ articles accusing billionaire’s wife of plagiarism | Legal threats come after Business Insider published stories about Neri Oxman
5) Why Sunak’s billions more for the NHS are failing to deliver | Productivity rolls back as extra spending only results in more inefficiency
What happened overnight
Asian shares hit a one-month low as hawkish remarks from central bankers tempered expectations for interest rate cuts and traders waited to hear from the Fed’s influential Christopher Waller.
Tokyo stocks closed lower on Tuesday, snapping a six-day winning streak on profit-taking, after European markets fell on Monday.
The benchmark Nikkei 225 index ended down 0.8pc, or 282.61 points, at 35,619.18, while the broader Topix index slid 0.8pc, or 20.62 points, to 2,503.98.
The Hang Seng headed for its worst session of the year, dropping 2pc to a 14-month trough.
China’s blue-chip CSI300 Index dropped 0.4pc by the lunch break, while the Shanghai Composite Index lost 0.6pc. The Hong Kong’s benchmark Hang Seng Index was down 1.9pc, hitting the lowest level since November 2022.
US stock and Treasury bond markets were shut for Martin Luther King Jr Day on Monday.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
