«Breaking News» Wage growth hits the highest rate in a decade at 3.4 per cent

Wages are growing at their fastest rate in a decade as inflation continues to fall away, new figures on the jobs market reveal today.

Average earnings increased by 3.4 per cent in the year to November, the highest for a decade, outpacing inflation - recorded at 2.1 per cent last week. 

The ONS said average weekly earnings, adjusted for price inflation, increased by 1.2 per cent, including bonuses, compared with a year earlier. 

Record numbers of people are in work and job vacancies are at their joint highest level since 2001, today's Office for National Statistics revealed. 

Employment increased by 141,000 in the three months to November to 32.5 million, the highest since records began in 1971.

Unemployment also increased, up by 8,000 to 1.37 million, although the total is 68,000 lower than a year ago. The UK's jobless rate is now 4 per cent, down by 0.2 per cent on a year ago, and the lowest since 1975.

Average earnings increased by 3.4 per cent in the year to November, the highest for a decade, outpacing inflation - recorded at 2.1 per cent last week

Employment minister Alok Sharma hailed the figures as showing a 'much needed pay boost' for workers after 10 months of wages growing faster than inflation 

The increase in both unemployment and employment is explained by the UK's rising population, and fewer people classed as economically inactive, which includes those on long-term sick leave, students, and people who have given up looking for a job.

The number of economically inactive people fell by 100,000 in the latest quarter to 8.6 million, a rate of 21 per cent, the lowest on record.

Employment Minister Alok Sharma said: 'Once again, we see a new record employment rate in the UK, 75.8 per cent, with more people in work than ever before.

'UK workers also got a much needed pay boost before Christmas with wages outpacing inflation for the tenth month in a row in November, growing at the fastest rate in a decade.

'There are 328,000 more people in work over the past year, almost entirely driven by full-time jobs as the Government delivers an economy that works for the British people.

'Our pro-business policies have helped boost private sector employment by 3.8m since 2010, and as the Resolution Foundation's latest report shows, the 'jobs-boom has helped some of the most disadvantaged groups find employment', providing opportunities across society.'

Employment increased by 141,000 in the three months to November to 32.5 million, the highest since records began in 1971

Unemployment also increased, up by 8,000 to 1.37 million, although the total is 68,000 lower than a year ago. The UK's jobless rate is now 4 per cent, down by 0.2 per cent on a year ago, and the lowest since 1975

ONS head of labour market David Freeman said: 'The number of people working grew again, with the share of the population in work now the highest on record.

'Meanwhile, the share of the workforce looking for work and unable to find it remains at its lowest for over 40 years, helped by a record number of job vacancies.

'Wage growth continues to outpace inflation, which fell back slightly in the latest month.'

Job vacancies were up by 10,000 on the quarter to a record high of 853,000, the ONS reported.

 

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Main photo article Wages are growing at their fastest rate in a decade as inflation continues to fall away, new figures on the jobs market reveal today.
Average earnings increased by 3.4 per cent in the year to November, the highest for a decade, outpacing inflation – recorded at 2.1 per cent last week. 
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It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.

Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.

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