The UK labor market continues to cool down, with the growth rate of new employee wages reaching a new low in four years.

According to the Wise Finance APP, a survey of concern for the Bank of England shows that the wage growth of new employees in the UK has dropped to its lowest level in over four years, indicating that the weak labor market is easing inflation pressure. The survey, conducted by the Recruitment and Employment Confederation (REC) and KPMG, found that last month's starting salary growth rate had fallen to its lowest level since March 2021, when the UK economy was still under restrictions imposed by the pandemic. At the same time, demand for labor further declined, while the number of people seeking work increased significantly.