You are here: Home - Household Bills - News -

Blow to workers as wage growth slows

0
Written by:
12/11/2019
The pace of UK wage growth slowed in the three months to September, according to the Office for National Statistics (ONS).

The average worker’s pay packet is now growing at 3.6 per cent a year down from 3.9 per cent in the previous period. However, wage growth is still more than double the rate of consumer inflation.

In real terms, employees took home £470 a week on average at the end of September, £3 lower than the pre-recession peak of £473 per week for April 2008.

Britain’s employment rate fell to 76 per cent from 76.1 per cent in the previous quarter.

The ONS said there were 58,000 fewer people in work driven by record quarterly decreases for women and part-time workers.

However, the figures reveal the largest annual increase in self-employed workers since 2016.

There are now 4.96 million people working for themselves – 195,000 more than a year earlier – with the self-employed accounting for 15.1 per cent of all people in employment.

Job vacancies saw their biggest annual fall since late 2009.

For August to October, there were an estimated 800,000 vacancies, 18,000 fewer than for the three months to July and 53,000 fewer than a year earlier.

Vacancies fell sharply during the 2008 recession and have generally increased since 2012. However, they have been falling since early 2019.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Warning over Black Friday holiday ‘deals’

Bargain-hunters hoping to snap up a cheap holiday on Black Friday are being warned to do their research as many...

Close