2023-05-16 06:38:52
UK wage growth showed little sign of easing in the three months to March, according to official figures that will reinforce policymakers’ concerns over inflation.
The Office for National Statistics said average earnings in the private sector, excluding bonuses, were 7 per cent higher than a year earlier, up from 6.9 per cent in the three months to February, while growth in public sector earnings reached a 20-year high of 5.6 per cent.
Growth in total pay was slightly lower, because of a less generous bonus season than in 2022, but earnings across the economy were still 5.8 per cent higher than a year earlier.
However, Tuesday’s figures also showed that high inflation and rising interest rates are starting to weigh on the jobs market. The unemployment rate increased by 0.1 percentage points to 3.9 per cent as people who had previously chosen not to look for work returned to job-seeking.
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