UK earnings growth has fallen to its lowest level for more than two years amid further signs of a weakening jobs market, according to official figures. The Office for National Statistics (ONS) said average regular earnings growth eased back to 4.9% in the three months to July, down from 5.1% in the previous three months.
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00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.
00:07UK earnings growth has fallen to its lowest level for more than two years amid further signs of a weakening jobs market, according to official figures.
00:17The ONS said average regular earnings growth eased back to 4.9% in the three months to July, down from 5.1% in the previous three months.
00:29This marked the lowest level since the three months to June 2022.
00:34However, earnings growth continues to outstrip inflation, as pay increased by 2.6% in the three months to August, with consumer prices index inflation taken into account.
00:46This update this morning shows that UK earnings growth has fallen to its lowest level for more than two years, according to official figures.
00:54My name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.