UK wage growth slows in Q3 2019

UK wage growth slowed down in the third quarter of 2019, with average earnings that exclude bonuses increasing by 3.6%, compared to the 3.9% growth seen in the previous quarter, new ONS figures have revealed.

The ONS said that the rate of pay growth had trended upwards since March to May 2017 – reaching 3.9% in May to July 2019, the highest nominal pay growth rate since 2008.

Between July and September 2019, however, wage growth dropped to 3.6% for both total pay and regular pay.

The new figures also revealed the biggest annual drop in the number of job vacancies in nearly 10 years.

An ONS spokesperson commented on the latest data: “The employment rate is higher than a year ago, though broadly unchanged in recent months. Vacancies have seen their biggest annual fall since late 2009 but remain high by historical standards.

“The number of EU nationals in work was very little changed on the year, with almost all the growth in overseas workers coming from non-EU nationals.”

The latest wage growth and employment figures come after the recent announcement that UK economy growth was at its slowest in almost a decade.

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