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Wages rises accelerate to fastest pace since 2008 | Wages rises accelerate to fastest pace since 2008 |
(35 minutes later) | |
Wages are continuing to rise at their highest level for nearly a decade, the latest official Office for National Statistics figures show. | Wages are continuing to rise at their highest level for nearly a decade, the latest official Office for National Statistics figures show. |
Average weekly earnings, excluding bonuses, went up by 3.3% in the three months to October, the biggest rise since November 2008. | Average weekly earnings, excluding bonuses, went up by 3.3% in the three months to October, the biggest rise since November 2008. |
Average weekly wages are £495, £25,740 a year, the highest since 2011, once adjusted for inflation. | Average weekly wages are £495, £25,740 a year, the highest since 2011, once adjusted for inflation. |
The number of people in work rose by 79,000 to 32.48 million, a record high. | The number of people in work rose by 79,000 to 32.48 million, a record high. |
That is the highest figure since records began in 1971. | That is the highest figure since records began in 1971. |
Unemployment increased by 20,000 to 1.38 million, although the margin of error is 70,000 and the total is still lower than a year ago. | |
The number of unemployed men increased by 27,000, while the number of unemployed women fell by 8,000. | The number of unemployed men increased by 27,000, while the number of unemployed women fell by 8,000. |
The reason both employment and unemployment have increased is a result of the UK's rising population and more people joining the labour force, such as students and older people. | The reason both employment and unemployment have increased is a result of the UK's rising population and more people joining the labour force, such as students and older people. |
Job vacancies were up by 10,000 on the quarter to a record high of 848,000. | Job vacancies were up by 10,000 on the quarter to a record high of 848,000. |
"Real earnings are now growing faster than at any time since around the end of 2016," said the ONS senior statistician Matt Hughes. | |
Employment Minister Alok Sharma said: "Today's statistics show the enduring strength of our jobs market, with wages outpacing inflation for the ninth month in a row and employment at a record high." | Employment Minister Alok Sharma said: "Today's statistics show the enduring strength of our jobs market, with wages outpacing inflation for the ninth month in a row and employment at a record high." |
Howard Archer, chief economic adviser to the EY Item Club, said: "Current decent employment may be influenced by companies being keen to employ while they can, given the increased concern in some sectors over a lack of suitably skilled candidates. | Howard Archer, chief economic adviser to the EY Item Club, said: "Current decent employment may be influenced by companies being keen to employ while they can, given the increased concern in some sectors over a lack of suitably skilled candidates. |
"In some cases this has been significantly influenced by fewer workers coming from the EU," he said. | "In some cases this has been significantly influenced by fewer workers coming from the EU," he said. |
In a note, analysts Capital Economics said: "The latest labour market figures suggest that a recovery in real pay growth is taking root. This supports our view that GDP growth will rebound next year if a 'no-deal' Brexit is avoided. | |
"Admittedly, there have been false dawns in the past few years. But we think that the recent recovery in real earnings growth will probably be sustained." |