ONS: Wage growth falls as jobs market continues to falter

Yorkshire Post

Wage growth has fallen back to its lowest level for more than three years as firms continue to clamp down on hiring, according to official figures. The Office for National Statistics (ONS) said regular wage growth, excluding bonuses, dropped to 4.8% in the three months to July, down from 5% in the previous three months and the lowest since May 2022.

Transcript

00:00Hello, I'm Greg Wright of the Yorkshire Post. Some major economic data out this morning from the Office for National Statistics.

00:09The rate of UK unemployment remained unchanged at 4.7% in the three months to July, compared with the three months to June, according to the ONS.

00:21It's also been revealed this morning that UK average regular earnings growth fell to 4.8% in the three months to July, and was 1.2% higher after taking consumer price index inflation into account.

00:38My name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.

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