MNI BRIEF: UK Earnings Growth Picks Up In November
MNI (LONDON) - UK average earnings growth accelerated in the three months to November, with the pace picking up from the previous three month period, the Office for National Statistics said Tuesday.
Both regular and ex-bonus earnings rose 5.6% year-on-year, broadly in line with City analysts, although private sector pay is slightly above Bank of England expectations (the BOE have recently voiced concern over the accuracy of the data). Real earnings rose again, with total earnings measured against CPI rising 3.2% y/y.
“Pay growth picked up for a second consecutive period, again driven by strong increases in the private sector. Real pay growth, which excludes the effects of inflation, increased slightly," ONS director of economic statistics Liz McKeown said.
McKeown noted the number of employees on payroll, drawn from tax data, fell in the three months to November and " the number of vacancies fell again, for the thirtieth consecutive period, although the total number remains slightly above its pre pandemic level.” (see MNI INTERVIEW: Consumer Boost Lead For UK Growth- ONS Fitzner )