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Andrew Bailey, Governor of the Bank of England, gestures as he addresses the media during a press conference at the Bank of England in London, Britain, August 1, 2024.

The U.K. labor market snapshot released by the Office of National Statistics on Tuesday is broadly supportive of a Bank of England rate cut in November, according to analysts.

Wage growth met forecasts and slowed to the lowest level in more than two years, while the jobs market was relatively stable, with unemployment dipping to 4% from 4.1%.

"The gradual cooling of the U.K. labour market continues, with wage growth easing further and vacancies continuing to trend down. There's little in the figures to change expectations of a steady pace of interest rate cuts from the Bank of England over coming months," Jack Kennedy, senior economist at Indeed, said in a note.

The BOE cut rates by 25 basis points in August and held them steady in September. Markets are pricing in an 83% probability of a November rate cut as of Tuesday morning.

Ashley Webb, U.K. economist at Capital Economics, said the ONS figures added "further support" to expectations of a rate cut to 4.75% from 5% next month. Thomas Pugh, economist RSM UK, said the door would be "wide open" for a November cut as long as inflation figures — due out Wednesday — fall as expected.

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