October 18, 2023
According to data released by the Office for National Statistics on Tuesday, the UK experienced a slowdown in average earnings growth during the three months leading up to August.
Average earnings, excluding bonuses, increased by 7.8 percent in the three-month period ending in August. While this growth rate matched expectations, it was slightly slower than the 7.9 percent increase recorded in the three months up to July. Nevertheless, this figure still represents one of the highest annual growth rates since comparable records began in 2001.
Including bonuses, the average total pay saw an annual increase of 8.1 percent, falling short of the forecasted 8.3 percent. The overall growth rate was impacted by one-off payments made in June, July, and August to the NHS and civil service, as reported by the ONS.
Additional data from the statistical office indicated that the number of job vacancies in the UK declined by 43,000, totaling 988,000 in the months from July to September. This marks the 15th consecutive decrease in job vacancies, with the level reaching its lowest point since mid-2021.
The Office for National Statistics is expected to release the latest UK labor market statistics. The unemployment rate is anticipated to remain unchanged at 4.3 percent for the three months ending in August. Meanwhile, average earnings growth, including bonuses, is forecasted to increase at a slower pace of 8.3 percent, following an 8.5 percent rise in the three months up to July.
Source: RTT NEWS
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