Wage growth at highest rate since 2008

17 July, 2019, 16:11 | Author: Regina Silva
  • 30 St. Mary Axe or 'The Gherkin' viewed from the roof of the Lloyds of London building Lime Street London

Average pay was £468 a week when adjusted for inflation. Excluding bonuses, pay rose 1.7%.

Weekly earnings in the 3 months ending May rose 3.6%, the strongest rise since July 2008.

The unemployment rate is officially 3.8 per cent, the joint-lowest since January of 1975. Part-time working also showed an increase of 107,000 on the year to reach 8.66 million.

Unemployment was estimated to be unchanged at 3.8%, the lowest since October to December 1974 and in line with forecasts.

"The number of self-employed part-timers has passed one and a half million for the first time, well over double what it was 25 years ago", Hughes said.

New statistics show wages are booming for United Kingdom workers, with regular pay rising 1.7% in real terms (above inflation) - meaning people's earnings are rising at their fastest since October 2015.

Ed Monk, associate director for personal investing at Fidelity International, said: "Pay is rising by a 1.4% a year in real terms, and faster for those getting bonuses". The fact that we simply can not find longer-term footing in the British pound, even at this extraordinarily low level and in the face of the Federal Reserve interest rate cuts, shows just how soft the British pound is getting.

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Samuel Tombs, chief United Kingdom economist at Pantheon Macroeconomics, said: "The labour market is emitting enough upward inflation pressure to dissuade the Monetary Policy Committee from cutting interest rates over the coming months".

How do men and women's employment rates compare?

"The MPC is constrained by the medium-term outlook for relatively high inflation; only in the event of a no-deal Brexit or a sustained increase in the unemployment rate above 4% would the committee sign off fresh stimulus".

The Bank of England said in May it expected wage growth of 3% at the end of this year.

The pound suffered its biggest one-day fall since March after Boris Johnson and his rival to be Conservative Party leader, Jeremy Hunt, said late on Monday they would not accept the so-called Northern Irish backstop element of Theresa May's Brexit deal. The question is whether the slower pace of job creation reflects weaker demand for workers or firms struggling to find suitable staff.

The employment minister, Alok Sharma, said: "Wages outpacing inflation for 16 months in a row, more people in work than ever before and joint-record female employment, means better prospects for many thousands of United Kingdom families and shows the continued resilience of the United Kingdom labour market".

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