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Home » Despite concerns about the job market, paying growth will increase the pace again
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Despite concerns about the job market, paying growth will increase the pace again

adminBy adminFebruary 18, 2025No Comments3 Mins Read0 Views
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The National Bureau of Statistics said average regular wages had skyrocketed to 5.9% in the three months leading up to December.

Official figures show that UK revenue growth has accelerated to an eight-month high as the vacancy fell again.

The National Bureau of Statistics (ONS) has seen an average regular salary surge to 5.9% over the three months leading up to December, up from 5.6% in the last three months, and the three months ended in April last year. He said it has increased from the fastest growth ever since.

Wages surpassed consumer price inflation by 3.4%, ONS added.

The number of seats was reduced from 9,000 to 819,000 in the three months leading up to January, bringing back the number of seats available again.

But in more encouraging signs, ONS estimated the number of UK workers on salaries to 30.4 million, up 21,000 during January.

This followed a 14,000 reduction that was revised downward in December.

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The UK’s unemployment rate had not changed at 4.4% for the three months leading up to December, but the ONS repeated its statistical caution due to an overhaul of the country’s employment survey.

The data comes amidst a rise in warnings from businesses and prices after the government moved to increase its national insurance contributions and announced a rise in the minimum wage in its budget last October.

A chartered survey by the Human Resources and Development Institute on Monday found that a third of companies expect employment costs to increase, cutting employment and hiring workers through redundancy. He said he was planning.

“Wage growth, excluding bonuses, has risen for the third year in a row, and has been seen in both the private and public sectors,” said Liz McKeown, director of ONS Economic Statistics.

“The number of payroll employees has not changed much over the past three months of the year and continues to have a medium-term trend of slowing growth,” she added.

Experts said that while demand for workers is slowing, it is clear that the job market is still being maintained.

“A line of obstacles in the UK job market is set to adapt to the economy where employers are struggling and prepare for the looming national insurance hike,” said Surren Till, director of economics at the Institute of Certified Public Accountants in England and Wales. It’s beginning to appear.”

“The decline in the number of vacant seats suggests that despite chronic skills shortages, workers’ demand will weaken by the weight of slowing customer demand and rising cost pressures.”

Pantheon Macroeconomics’ Rob Wood said the company was showing better pay figures indicating employment was “stuck rather than collapsed.”

“The job market will remain more sustained than expected and create strong wage growth that will keep MPC cautious,” he said.

However, robust wage growth is set to inflationary pressures and strain flag economies on Bank of England policymakers.

ONS data showed that normal private sector wage growth rose to 6.2% in the three months to December, the highest level since November 2023.

The bank cut its 2025 growth forecast by halving its 2025 growth forecast, down from 4.75% earlier this month to 4.5%, but also warned of rising inflation, indicating that further cuts will come “gradually and carefully.” Ta.

According to the economists, the official figures for Wednesday rose to 2.8% in January, likely up from 2.5% in December.

Experts say another rate cut is unlikely to arrive soon next month given banks’ attention to inflation, but many people are hoping for another cut in May.

Matt Swannell, Chief Economic Advisor of the EY Items Club, said: How sticky is the inflation of sticky? ”



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