Average wage growth in the UK, excluding bonuses, rose by 3.4% in the three months to May, according to data reported by the Straits Times.
The figure indicates that the British labor market is holding steady rather than accelerating, a development that arrives as Andy Burnham assumes the role of prime minister.
The moderation in wage dynamics is unlikely to add pressure on the Bank of England to raise interest rates.
With pay growth stabilizing, the central bank faces less immediate inflationary risk from the labor market, supporting the case for a cautious monetary stance.
London markets opened with subdued trading activity as investors digested the political transition.
The FTSE 100 was little changed at the open, reflecting a wait-and-see approach amid the change in government leadership.