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MNI BRIEF: Earnings Growth Slows in Hot UK Labour Market

(MNI) LONDON
(MNI) London

UK earnings growth slowed markedly in the three months to October, despite a large increase in employment over the autumn, data released by the national statistics office showed. Total earnings rose by 4.9% over the same period a year earlier, down from 5.9% in the third quarter, although the outturn exceeded analysts’ forecasts of a deceleration to 4.6%.

Regular earnings slipped to a rate of 4.3% from 5.0% in the previous period, a sizeable deceleration, but still outpacing expectations of a decline to 4.0%. Employment rose by 149,000 in the three months to October, bringing the jobless rate down to 4.2% from 4.3% in Q2, the lowest since April-June to 2020.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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