September 11, 2024
1 min read

UK wage growth slows to lowest in two years

Data showed that total earnings, including bonuses, grew at an annual rate of 4.0 per cent…reports Asian Lite News

The United Kingdom’s (UK) wage growth continued to slow in the three months to July, data from the Office for National Statistics (ONS) showed on Tuesday.

According to the ONS, annual growth in average regular earnings, excluding bonuses, was 5.1 per cent, and growth was last lower than this in April to June 2022, when it was 4.7 per cent.

Data showed that total earnings, including bonuses, grew at an annual rate of 4.0 per cent.

“Growth in total pay slowed markedly again as one-off payments made to many public sector workers in June and July last year continue to affect the figures. Basic pay growth also continued to slow, though less sharply,” said ONS Director of Economic Statistics Liz McKeown.

The latest data also showed that the UK employment rate stood at 74.8 per cent in May to July, while the unemployment rate dropped slightly to 4.1 per cent.

In June to August, the number of vacancies across the country decreased to 857,000. Vacancies decreased on the quarter for the 26th consecutive period but are still above pre-pandemic levels.

“There are some further signs of loosening in the jobs market as vacancies continue to fall and wage growth slows,” said Jane Gratton, Deputy Director of Public Policy at the British Chambers of Commerce.

But, she noted that pay continues to outpace inflation by some margin and high levels of economic inactivity mean recruitment difficulties are likely to persist.

ALSO READ: Tariq Ramadan’s rape acquittal overturned by Swiss court

Previous Story

Tariq Ramadan’s rape acquittal overturned by Swiss court

Next Story

Nearly 1,700 prisoners to be released early amid capacity crisis

Latest from -Top News

70 Killed in Gaza Strikes

Gaza City, which has been at the heart of Israel’s military campaign, saw the highest number of casualties….reports Asian Lite News At least 70 Palestinians, including seven children aged between two months

Pakistan reverses support for Trump’s Gaza peace plan

Pakistan retracts support for Trump’s Gaza peace plan, citing differences with Muslim nations’ draft; move reflects domestic sensitivities and regional alignment amid ongoing Middle East conflict diplomacy. In a surprising shift, Pakistan’s

Hamas agrees to release all hostages

Hamas agrees to release all Israeli hostages under Trump’s 20-point Gaza peace plan, backed by global powers and the UN, paving the way for regional stability. Hamas has formally agreed to release

Qatar now under US shield

Trump offers Qatar an unprecedented security guarantee, pledging US military protection amid Israeli strike and Gaza peace negotiations, reinforcing Qatar’s role in regional diplomacy. In an extraordinary move, the United States has
Go toTop

Don't Miss

Thunderstorm warnings mark end of summer

Friday’s alert covers most of south-west England, parts of Wales,

Winter fuel payments had to be scrapped, insists minister

From this winter, the fuel payments will be restricted to