Wage growth slows to two-year low as unemployment falls
UK earnings growth slowed to its lowest for more than two years as the rate of unemployment also surprisingly dropped, according to official figures.
The Office for National Statistics (ONS) revealed that regular wage growth was 5.4% year on year over the three months to June.
However, this slipped from 5.7% in the previous three months and represented the smallest increase since the period to July 2022.
The ONS also said the rate of unemployment was 4.2% over the three months to June, dropping from 4.4% over the previous three months.
A consensus of economists had precited an increase for the quarter.
Jobs
ONS director of economic statistics Liz McKeown said: “Basic pay growth, while remaining relatively strong, continues to slow.
“Growth in total pay slowed markedly, with last year’s one-off NHS bonuses affecting the comparison.
“The number of job vacancies continues to decline, although the total number remains above pre-pandemic levels.”
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What is unbelievable is that Wales is the region in the UK with the highest percentage of economically inactive people, standing at 28.3% The South West is 18.5% as a comparison.
So in Wales nearly one out of every three people aged 16 to 64 are not in work or education. Before Wales can succeed this needs to change.