UK employment gains unlikely to trigger rate rise

Despite the fall in unemployment, weakening earnings growth could prompt the Bank of England to hold interest rates steady

At first glance, the latest jobs figures look curious. The economy is creating plenty of jobs. Unemployment is falling. The proportion of people in work has never been higher. These are precisely the conditions in which to expect upward pressure on wages.

But pay inflation remains the dog that doesn't bark. Excluding bonuses, regular earnings in the three months to September were 2.5% higher than in the same three months of 2014. This is down from the 2.8% recorded in the quarter that ended in August.

Related: British pay growth slows but labour market remains healthy