UK employment reaches a new record — as wages rise quicker than expected

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January 24, 2018 9:45 AM

Average earnings increase by 2.4% excluding bonuses — remaining below inflation, but beating forecasts.

UK unemployment rate stays at joint record low of 4.3%, while employment hits a record high, with 32.21 million people in work.
Average earnings increase by 2.4% excluding bonuses — remaining below inflation, but beating forecasts.

LONDON – The number of people employed in the UK has hit a fresh record, while wage growth continues to pick up, albeit slowly, according to the latest data from the Office of National Statistics.

The ONS said on Wednesday that there were "

The unemployment rate was 4.3% in the three months to November, unchanged from the previous reading.

Average earnings beat forecasts, the ONS said, with earnings excluding bonuses increasing by 2.4% over the data period, while including bonuses, that figure was 2.5%. Both numbers were better than expected.

"With the employment rate returning to a joint record high and the number of vacancies setting a new record, demand for workers clearly remains strong. Moreover, economic inactivity is at its lowest since the winter of 2000-01," David Freeman, a senior statistician for the ONS said in a statement.

"Nevertheless inflation remains higher than pay growth and so the real value of earnings continues to decline."

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