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- UK unemployment rate falls as wage growth slows to two-year low
UK unemployment rate falls as wage growth slows to two-year low
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Wage growth in the UK slowed to a two-year low in the second quarter, with weekly earnings growth excluding bonuses falling from 5.8% to 5.4% year on year. This easing in wage pressures is seen as a positive development by the Bank of England. Meanwhile, the unemployment rate unexpectedly dropped to 4.2% from 4.4% in the three months to June.
This will be part of my budget later in the year where I will be making difficult decisions on spending, welfare and tax to fix the foundations of our economy so we can rebuild Britain and make every part of our country better off.
The construction sector saw the smallest annual regular pay growth across sectors, at 3.5%. In April to June 2024, the manufacturing sector saw the largest increase in pay, including bonuses at 6.7%.
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sources
perspectives
- 1.Russia-Ukraine War
- 2.British Foreign Policy
- 3.Election
- 4.Inflation
- 5.British Politics
- 6.European defense
- 7.BREXIT
- 8.Immigration to the UK
- 9.UK under Keir Starmer
- 10.British Economy
- 11.US-UK Relations
countries
organizations
- 1.Bank of England
- 2.Capital Economics
- 3.National Health Service
- 4.Office for National Statistics
- 5.Barnett Waddingham
- 6.Mental Health UK
- 7.National Institute of Economic and Social Research