UK private wage growth slows

UK personal sector wage development has slowed because the finish of final yr, in response to official information that might give Financial institution of England policymakers grounds to carry off elevating rates of interest once more at their Might assembly.

Common wages within the personal sector, excluding bonuses, have been 6.9 per cent larger within the three months to February than a yr earlier, down from development of seven.3 per cent within the remaining quarter of 2022, Workplace for Nationwide Statistics figures launched on Tuesday confirmed.

The unemployment charge edged up from 3.7 per cent to three.8 per cent whereas the variety of vacancies prolonged their decline.

Public sector wage development lags that of the personal sector however has picked up, with common wages excluding bonuses up 5.3 per cent on the yr.

With pay nonetheless lagging the speed of inflation in client costs, the figures recommend the pressures which have fuelled wage development over the previous yr are beginning to ease.

The variety of individuals selecting to not work or search for a job fell as college students returned to the workforce.

Back To Top