The UK's unemployment rate remained stable at 4.3% in the three months leading up to October, while regular earnings growth climbed to 5.2%, exceeding inflation by 3%. This surge in wages is expected to influence the Bank of England's interest rate decision on Thursday.
Nationally, figures showed the unemployment rate remained unchanged at 4.3% in the three months to October. The figures also show regular earnings growth across the country jumped to 5.2% in the three months to October, up from 4.9% in the previous three months and the first time it has risen since August last year. Earnings growth also outstripped inflation by 3% in the three months to October, with Consumer Prices Index (CPI) inflation taken into account.
Bank of England's interest rate decision on Thursday, with the tick up in wages reinforcing expectations that policymakers will keep the base rate on hold at 4.75%. ONS director of economic statistics Liz McKeown said:'After slowing steadily for over a year, growth in pay excluding bonuses increased slightly in the latest period, driven by stronger growth in private sector pay.' 'We have seen annual growth rates continue to slow, showing a consistent trend with our latest jobs data from employers. 'The number of job vacancies has also fallen again, though the total remains a little above where it was before the pandemic.' The latest figures show that regular earnings growth in the private sector rose to 5.4% in the three months to October, which is the highest since May.Government Work and Pensions Secretary Liz Kendall said:'Today's figures are a stark reminder of the work that needs to be done. 'To get Britain growing again, we need to get Britain working again - so people have good jobs which pay decent wages and offer the chance to progress.
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