The UK labor market continues to cool down: job numbers decreased in August, while wage growth slowed down.

Wisdom Financial APP learned that official data shows the UK labor market has cooled down in the summer as businesses prepare for more tax hikes, which will have an impact on the economy. The UK Office for National Statistics said on Tuesday that the number of employees in employment decreased by 8,000 in August, marking the seventh consecutive decline, slightly less than the average economist forecast of 12,000. During the three-month period up to July, the wage growth rate excluding bonuses slowed to 4.8%, the lowest level in three years and lower than the previous period's 5%. The private sector wage growth rate, which is closely watched by the Bank of England, fell to 4.7%. The unemployment rate remains at a four-year high of 4.7%, while the number of job vacancies continues to decline.