Free Trial

MNI BRIEF: UK Wages Growth Lower At Elevated Levels

(MNI) London

UK average earnings growth edged lower in the three months to September, but remained above the expectations of City analysts and the Bank of England, data released by the Office for National Statistics showed Tuesday.

According to the latest data, total average earnings rose 7.9% in the period, down from 8.1% but above the 7.3% expected by economists. Excluding bonuses, earnings rose 7.7%, down from 7.8%. Real earnings rose at the fastest pace in two years -- against CPI, real earnings rose 1.0%.

Vacancies across the economy continue to decline, down 58,000 on the pervious three-momth period to 957,000. However, they remain well above pre-pandemic levels. “The number of job vacancies fell for the sixteenth straight month. Nevertheless, vacancies still remain well above their pre-pandemic levels," ONS director of economic statistics Darren Morgan said.

The data came in slightly above the Bank of England's expectations and, although not likley to yet bring hikes bank on to the agenda for many, it will remain a closely watch metric by policymakers.

MNI London Bureau | +44 203-865-3812 |
MNI London Bureau | +44 203-865-3812 |

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.