UK wage growth slowed to 5.1% YoY in July, real pay growth fell to 3%, and unemployment decreased to 4.1%.

UK wage growth has slowed to 5.1% year-on-year for the three months ending in July, the lowest since July 2022. Adjusted for inflation, real pay growth fell to 3%, down from 3.2%. Meanwhile, the unemployment rate slightly decreased to 4.1% from 4.2%. These figures will influence the "triple lock" for state pensions, expected to rise by 4% next April. The ONS noted that one-off public sector payments have affected wage data.

September 10, 2024
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