"However, the ONS said the slowdown in the jobs market was steadying after steeper declines earlier this year, which had been attributed to tax increases announced by Reeves last year and introduced in April. After a long period of weak hiring activity, there are signs that the falls we have seen in both payroll numbers and vacancies are now levelling off, said Liz McKeown, the ONS director of economic statistics."
"Annual growth in regular average weekly earnings, excluding bonuses, slowed slightly from 4.8% in the three months to July to 4.7% in the three months to August, matching City economists' forecasts. Wage growth slowed in the private sector to its lowest rate in nearly four years, but public sector pay growth increased, reflecting some public sector pay rises being awarded earlier than they were last year, McKeown said."
Unemployment rose to 4.8% in the three months to August, up from 4.7% in July. HMRC showed company payrolls fell by 10,000 in September. The slowdown is steadying after steeper declines earlier attributed to tax increases introduced in April. ONS revised August payrolls from a decline of 8,000 to an increase of 10,000. Regular average weekly earnings excluding bonuses slowed slightly from 4.8% to 4.7%. Private sector wage growth hit its lowest rate in nearly four years, while public sector pay growth increased due to earlier awards. Total pay growth rose from a revised 4.8% to 5%. The ONS labour force survey has suffered collapsing response rates and data quality concerns.
Read at www.theguardian.com
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