Wages are now rising faster than prices for the first time since October 2021.
UK wages are exceeding inflation for the first time in nearly two years, according to official figures.
The latest data shows that total wages including bonuses jumped by 8.1% in the three months to August, although this was affected by NHS and civil service one-off payments.The ONS added that public sector pay leaped 6.8% higher in the three months to August – one of the highest growth rates since records began in 2001 – although it continued to lag behind the private sector, at 8%.
Vacancies also dropped to 988,000 in the three months to September, down by 43,000 on the previous quarter and marking the 15th drop in a row.The ONS has delayed the publication of the more comprehensive Labour Force Survey data – revealing the employment and unemployment rate for the three months to August – until October 24 due to concerns about the decline in the response rate for the survey.
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