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UK Average Earnings Growth Slows

The UK average earnings growth slowed in three months to August, data from the Office for National Statistics showed on Tuesday. Average earnings excluding bonuses grew 7.8 percent in three months to August. The rate came in line with expectations but slower than the 7.9 percent increase seen in three months to July.

Nonetheless, this was one of the highest annual growth rates since comparable records began in 2001.

Including bonuses, average total pay advanced 8.1 percent annually, weaker than the forecast of 8.3 percent. The total growth rate was affected by the NHS and civil service one-off payments made in June, July and August, the ONS said. Another data from the statistical office showed that the number of job vacancies declined by 43,000 to 988,000 in July to September. Vacancies decreased by the 15th consecutive period and the level was the lowest since mid 2021.

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