Wage rate slows again as unemployment rises – what it means for YOUR wallet

AVERAGE earnings across the country have slowed once again in a fresh hit to workers.

The average weekly earnings, excluding bonuses, grew by 5.2% between February to April this year, according to new figures from the Office for National Statistics (ONS).

The annual growth in total earnings including bonuses was 5.3%.

Last month, figures revealed wage growth was at 5.6% excluding bonuses.

Liz McKeown, director of economic statistics at the ONS, said: “There continues to be weakening in the labour market, with the number of people on payroll falling notably.

“Feedback from our vacancies survey suggests some firms may be holding back from recruiting new workers or replacing people when they move on.

“Our survey of businesses shows a stronger picture for Workforce Jobs, but this covers an earlier period, includes people with multiple jobs and can lag our other sources of labour market information.

“Earnings growth has slowed in both cash and real terms, though it remains strong by historic standards. Public sector pay is now growing at a higher rate than wages in the private sector.”

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