Summary
Wage growth in the UK slowed down slightly over the summer months, while unemployment rose a little. The Office for National Statistics (ONS) reported that the average earnings growth was 4.7% in the three months to August, compared to 4.8% in the previous period.
Key Facts
- Wage growth in the UK was 4.7% from June to August 2023.
- This was a small decrease from a previous growth rate of 4.8%.
- UK unemployment rose to 4.8% in August, up from 4.7% in July.
- The ONS advised caution when interpreting the unemployment data and is working to improve data quality.
- Private sector earnings growth was the lowest in four years but still exceeded inflation.
- Annual earnings growth, adjusting for inflation, was 0.6% for regular pay and 0.8% when including bonuses.
