Wage Growth Slows Down as UK Labour Market Stays ‘Broadly Stable’

Published on January 17, 2024

The annual growth of regular pay in the UK has fallen sharply, amid dropping number of vacancies and an unchanged rate of unemployment. The average total earnings, excluding bonuses, eased from 7.3 percent to 6.6 percent in the period between September and November 2023. The Office for National Statistics (ONS) said that the average weekly wages, including bonuses, were at 6.5 percent. The figures showed it to be the lowest rate since the three months to January last year and one of the steepest falls in wage growth since the COVID-19 pandemic. Despite slowing down, wage growth is still outpacing price increases. The latest published ONS data recorded a core CPI of 5.1 percent. New CPI figures will be published on Tuesday....

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