UK average weekly earnings growth dipped 0.6pp from September to 2.4% 3m/y in October

UK average weekly earnings growth dipped 0.6pp from September to 2.4% 3m/y in October, worse than consensus' expectations. Equally, growth in core earnings surprised to the downside, dipping 0.4pp to 2.0% 3m/y, back to its growth rate at the start of 2015. Total AWE registered no change or declines in almost all sectors, with the exception of the public sector which rose 0.1pp to 1.3% 3m/y. 

Core wage growth reported a fairly broad-based decline across sectors. In particular, services, constituting 85% of total employment, decelerated from 3.0% 3m/y to 2.3% 3m/y for AWE, while it decelerated from 2.3% 3m/y to 1.8% 3m/y for core wages.