London, Sep 10 (IANS) 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, Xinhua news agency reported.
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.
–IANS
as/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
