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By Les Commons and Laurie Laird
LONDON (MNI) - Wage growth continued to accelerate in the three months
to July, reaching its fastest pace since the financial crisis, while
employment growth slowed modestly.
The following are the key points from UK employment data
published Tuesday by the Office for National Statistics.
- Total wages surged by 4.0%, the fastest pace since the three
months to May of 2008. Bank of England policymakers noted a steadying of
pay growth in August, and the latest data could be an unwelcome surprise
ahead of their meeting next week.
- Pay growth was strong across the board, particularly in financial
service, where wages rose by 5.3%, the fastest pace since the three
months to August 2011.
- Despite a 7.7% rise in bonuses over the latest three months
(concentrated in the month of July), regular wage growth lagged, rising
by 3.8%, down from 3.9% in the second quarter.
- Real total wages increased by an annual rate of 2.1%, the
fastest pace since Q3 2015, but with inflation likely to rise following
the recent slump in sterling, real wage growth may falter in months to
- Employment growth slowed to a below-trend pace, rising by just
31,000, down from a 115,000 gain in the second quarter. The was enough
to push the unemployment rate down to 3.8% from 3.9% in Q2, still above
Bank of England staff forecast of a fall to 3.7%.
- The total employed fell in the three months to July for the
first decline since the three months to October 2017, albeit to a still
elevated 32.777 million.
-London bureau: 44 (0) 203 865 3812; email: firstname.lastname@example.org