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Wages show fastest rise in almost a decade | Wages show fastest rise in almost a decade |
(35 minutes later) | |
Wages rose at the fastest pace in nearly a decade in the three months to September, Office for National Statistics (ONS) figures show. | Wages rose at the fastest pace in nearly a decade in the three months to September, Office for National Statistics (ONS) figures show. |
Compared with a year earlier, wages excluding bonuses, rose by 3.2% - the biggest rise since the end of 2008 and up slightly on the previous quarter. | Compared with a year earlier, wages excluding bonuses, rose by 3.2% - the biggest rise since the end of 2008 and up slightly on the previous quarter. |
However, the ONS warned that real wage growth was below the 2015 level. | However, the ONS warned that real wage growth was below the 2015 level. |
The unemployment total went up for the first time this year, rising by 21,000 in the same period to 1.38 million. | |
Adjusting for inflation, average weekly earnings increased by 0.9% excluding bonuses. | |
"With faster wage growth and more subdued inflation, real earnings have picked up noticeably in the last few months," ONS senior statistician Matt Hughes said. | |
He also noted that the decline in workers from eastern European countries is "accelerating", while there had been an "uptick" in British national in work. | |
Why has unemployment risen? | |
The unemployment rate went up to 4.1% from 4.0% in the period from July to September. | |
Two reasons largely accounted for this - the rising population in the UK and an increase in the number of men out of work. | |
"Job creation since May has averaged just 2,900 a month. This slowdown in the number of new jobs opening up is likely to feed through into weaker consumer spending in the coming months," said Mike Jakeman, senior economist at PwC. | |
The unemployment rate of UK nationals (4.2%) was higher than that of EU nationals from the other 27 member countries (3.5%). | The unemployment rate of UK nationals (4.2%) was higher than that of EU nationals from the other 27 member countries (3.5%). |
There was also a record fall in the number of non-EU nationals working in the UK, the biggest since records began in 1997. |