ONS figures show that UK wage growth has slowed and unemployment has fallen

14 November 2019

Latest figures from the Office for National Statistics (ONS) show that UK wage growth has slowed but unemployment has fallen

The figures have revealed that, whilst unemployment figures have decreased, so has the number of people in work. Unemployment figures were listed as 1.31 million, which is a decrease of 23,000, in the period from July – September. Conversely, 32.75 million people were classed as being in work for the same period, which is a fall of 58,000. The ONS explained that the decrease in the number of employed individuals could be attributed to the closure of large store chains in the retail sector, with several big names recently going into administration.

Average earnings have increased by 3.6% which is less than the 3.8% growth observed in the previous month, which indicates that wage growth in the UK has slowed slightly. Average gross weekly pay was £470.

An ONS spokesperson commented, “The employment rate is higher than a year ago, though broadly unchanged in recent months. Vacancies have seen their biggest annual fall since late 2009 but remain high by historical standards. The number of EU nationals in work was very little changed on the year, with almost all the growth in overseas workers coming from non-EU nationals."

 


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