LONDON — The United Kingdom’s (UK) wage growth slowed again in the three months to November, showed official data on Tuesday, adding to signs that its job market has begun to cool.
The average regular earnings, excluding bonuses, grew at an annual rate of 6.6 percent in September to November 2023, down from 7.3 percent in August to October, according to data from the Office for National Statistics (ONS).
The annual growth in employees’ average total earnings, including bonuses, was 6.5 percent in September to November, down from 7.2 percent in August to October, said the ONS.
“While annual pay growth remains high in cash terms, we continue to see signs that wage pressures might be easing overall. However, with inflation still falling more quickly, earnings continued to grow in real terms,” said Liz McKeown, director of economic statistics of the ONS.
Adjusted for inflation, annual growth in real terms for total pay rose on the year by 1.3 percent in September to November, and for regular pay rose on the year by 1.4 percent.
Job vacancies fell again. In October to December 2023, the number of vacancies in the UK fell by 49,000 in the quarter to 934,000, showed the data. “Vacancies fell on the quarter for the 18th consecutive period, the longest consecutive run of quarterly falls ever recorded but still above pre-pandemic levels,” said the ONS.
Also released on Tuesday, the UK employment rate increased by 0.1 percentage points to 75.8 percent for September to November, while the unemployment rate was largely unchanged on the quarter at 4.2 percent, according to the ONS.
