UK wage growth eases but outstrips inflation
By Michele Maatouk
Date: Tuesday 14 Nov 2023
(Sharecast News) - UK wage growth eased in the three months to September, but earnings growth outstripped inflation, while the unemployment rate was unchanged, according to figures released on Tuesday by the Office for National Statistics.
Average wage growth including bonuses fell to 7.9% from an upwardly-revised 8.2.% the month before. This compares to inflation of 6.7%. Economists were expecting wage growth including bonuses to fall to 7.4%.
Excluding bonuses, wage growth eased to 7.7% in the three months to September, from 7.8%. This was still among the highest annual growth rates since comparable records began in 2001, the ONS said.
Meanwhile, the unemployment rate was steady at 4.2%.
The data also showed that in August to October, the estimated number of vacancies fell by 58,000 on the quarter to 957,000. Vacancies declined in 16 of the 18 industry sectors.
In addition, the number of payrolled employees is estimated to have increased by 33,000 on September to 30.2m. The figures for September were revised from a decrease of 11,000 reported in the last set of data, to an increase of 32,000.
ONS director of economic statistics, Darren Morgan, said: "Our labour market figures show a largely unchanged picture, with the proportions of people who are employed, unemployed or who are neither working nor looking for a job all little changed on the previous quarter.
"The number of job vacancies fell for the 16th straight month. Nevertheless, vacancies still remain well above their pre-pandemic levels.
"With inflation easing in the latest quarter, real pay is now growing at its fastest rate for two years."
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