United Kingdom wages continue to lag inflation despite low unemployment

UK Inflation Highest Since 2012

Moreover, the female unemployment rate is also at a joint record low of 4.2 percent, with job vacancies also rising by 3,000 to 783,000.

Average weekly wages, excluding bonuses, rose by an annual 2.1 per cent for the three months to August, slightly slower than the 2.2 per cent recorded in July and about half the pace that was typical before the financial crisis.

Bonuses held steady at 2.1%, marginally above the 2% forecast.

"Total earnings in cash terms grew slower than prices over the past year, meaning their real value continues to fall, down 0.3 per cent over that period", Hughes added.

"Our economy is helping to create full time, permanent jobs which are giving people across the United Kingdom the chance of securing a reliable income", said Minister for Employment, Damian Hinds. "That's great progress and we're determined to help more people flourish in the world of work".

Alongside the unemployment numbers, the ONS' data showed that real wages for average Brits continue to shrink as wage growth fails to keep up with inflation.

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LONDON (AP) - Official figures show that household incomes in Britain continue to be squeezed even though the country's unemployment rate remains at its lowest level in 42 years. Inflation was last higher in March 2012.

The employment rate, which measures the proportion of people aged 16-64 in work, hit 75.1% - up from 74.5% in the previous year.

According to the ONS the unemployment rate in the region fell from 5.7% to 5.2%, the biggest decrease of any region.

"If that happens, it will make the case for another [interest rate] hike after the November meeting [of the Bank of England's Monetary Policy Committee]".

This leaves the jobless rate unchanged at 4.3%.

"The recent fall in consumer confidence, meanwhile, likely will mean that fewer workers quit for new positions, easing the pressure on employers to pay staff more to retain them".

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