UK wages grow at their fastest pace in a decade
Average earnings excluding bonuses rose 3.1 percent in the three months through August, the most since January 2009

UK wages grow at their strongest rate since October to December 2008.

Wages, excluding bonuses, increased by 3.1% in the three months to August, compared to a year ago.

Regular pay, in real terms (adjusted for inflation), increased by 0.7%. The annual growth rate has not been higher since October to December 2016

Average total pay in August, including bonuses but before tax and other deductions, was £523 per week in nominal terms, up from £508 per week a year earlier.

UK unemployment remains at record low

Meanwhile, the UK unemployment rate remained at its record low of 4.0%; its lowest rate since the mid-1970s. There are currently 32.39 million people in work, with 1.36 million classed as unemployed.

David Freeman, the Office for National Statistic’s (ONS) head of labour market, said: “People’s regular monthly wage packets grew at their strongest rate in almost a decade, but, allowing for inflation, the growth was much more subdued.

“The number of people in work remained at a near-record high, while the unemployment rate was at its lowest since the mid-1970s.”