Pay progress has picked up for the primary time in additional than a yr, in line with the newest official figures.
Common pay, which excludes bonuses, grew at a faster-than-expected annual tempo of 5.2% between August and October, the Workplace for Nationwide Statistics (ONS) mentioned.
Pay is continuous to extend quicker than the value of products, with earnings outstripped inflation by 3%.
The variety of job vacancies within the UK fell once more, however nonetheless stays above pre-pandemic ranges.
The unemployment price was unchanged at 4.3%, though there are questions over the reliability of the roles figures from the ONS because of points with the way it gathers the information.
“After slowing steadily for over a yr, progress in pay excluding bonuses elevated barely within the newest interval pushed by stronger progress in personal sector pay,” mentioned Liz McKeown, director of statistics on the ONS.
Personal sector pay grew at an annual tempo of 5.4%, the ONS mentioned.
The stronger-than-predicted rise in wages means the Financial institution of England is predicted to maintain rates of interest unchanged when it meets later this week.
Nevertheless, there are indicators that the roles market is continuous to weaken, with the variety of job vacancies falling by 31,000 to 818,000 within the September-to-November interval.
The ONS additionally mentioned that provisional knowledge indicated that the variety of employees on payrolls fell by 35,000 in November 2024.
Many companies have argued that the rise in employers Nationwide Insurance coverage Contributions introduced within the Funds will hit jobs.
A separate survey launched on Monday indicated that non-public sector employment December had fallen on the quickest price for almost 4 years.
Work and Pensions Secretary Liz Kendall mentioned: “As we speak’s figures are a stark reminder of the work that must be completed.
“To get Britain rising once more, we have to get Britain working once more – so folks have good jobs which pay respectable wages and provide the prospect to progress.”
