UK workers are finally getting a pay rise – Finance

  • Wage growth in the UK rose almost 3% in the three months to July.
  • "Earnings have grown faster than prices for several months, especially looking at payment, excluding bonuses," said David Freeman, head of the labor market statistics department at ONS.
  • The increase is partly due to the fact that more than a million NHS workers receive a recent salary increase.
  • Unemployment continued to fall, while for this period was reduced by 55 000 people.

Three months before July, wages for British workers rose, according to new data published by the Office of National Statistics on Tuesday.

ONS said that the average wage increased by 2.9% in the three months to July without bonuses. When bonuses are included, this figure is 2.6%. Both indicators outpaced the expectations of economists. The average forecasts made up 2.8% of growth without premiums and 2.4% growth when bonuses were included.

"Earnings have grown faster than prices for several months, especially looking at payment, excluding bonuses," said David Freeman, head of the labor market statistics department at ONS.

The increase in average wages throughout the UK was largely due to the large wage increase for NHS workers, which came into effect in July. The NHS employs more than 1 million people, so its impact on data on wages in the UK is negative.


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(Office of National Statistics)

Here's the ONS schedule:
Separately on Tuesday, ONS said that the basic unemployment rate in the UK did not change three months before July, remaining at a historical low of only 4%. The number of unemployed continued to fall, with 55,000 fewer jobs than in the previous three months.

The level of employment remained unchanged, as did the number of people in the work, according to ONS.

"Since the number of people in the work has changed little, employment growth has weakened," added Freeman. "Nevertheless, the labor market remains reliable, as the number of people who are still at a historically high level, unemployment decreased compared to the year and a record number of vacancies."

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