UK pay rises at record rate despite growth in unemployment
by Larry Elliott Economics editor from on (#6ENYC)
Figures will add to Bank of England's dilemma over whether to increase interest rates again next week
Pay packets are increasing at a record rate despite rising unemployment and a marked cooling of the UK's labour market, the latest official figures shows.
The Office for National Statistics said total earnings in the three months to July 2023 were 8.5% higher than in the same period a year earlier - the highest since modern records began in 2001 other than during the exceptional conditions of the pandemic.
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