The UK labour market showed resilience towards recent political uncertainty as wage growth accelerated to the fastest pace since mid-2008 and the unemployment rate dropped to a record low.
In the three months to July, annual growth in average weekly earnings for employees increased to 4 per cent for total pay, which includes bonuses, up from 3.7 per cent in the three months to June and better than the forecast that showed a flat rate by economists polled by Reuters.
“Including bonuses, wages are now growing at 4 per cent a year in cash terms, for the first time since 2008,” said David Freeman, head of labour market statistics at the Office for National Statistics. “Once adjusted for inflation, they have now gone above 2 per cent for the first time in nearly four years.”
The UK employment rate remained at the highest on record since 1971 and unemployment dropped 0.1 percentage points to 3.8 per cent.
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