UK WAGE GROWTH PICKS UP TO 11-YEAR HIGH

Aruba, August 14, 2019 – Wage growth in the UK reached an 11-year high in the year to June, and the employment rate was its joint highest since 1971, official figures show.

Wage growth rose to 3.9%, while the estimated 76.1% employment rate was the best since comparative records began. Overall, a record high of 32.81 million people were in employment, the Office for National Statistics (ONS) said.

This was 425,000 more than a year earlier and was largely because of more people working full-time. However, the unemployment rate in the April to June period showed a slight rise.

Figures released last week indicated that the UK’s economy shrank 0.2% in the second quarter of the year, the first contraction since 2012.

What is behind the increase in wages?

Wages have been increasing at a faster pace than inflation since March 2018.

The 3.9% increase in regular pay – which excludes bonuses – was up from last month’s figure of 3.6%.

Part of the reason for the rise was the unusual timing of annual pay rises for public health workers last year, when a larger-than-usual increase was deferred until July.

Read more here.

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