Economics
U.K. Wages Climb More Than Forecast in Tight Labor Market
- Regular pay rises 2.9% between May and July; jobless rate 4%
- Labor-market tightness prompted BOE rate increase last month
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U.K. wage growth accelerated over the summer amid the lowest jobless rate in more than four decades.
Earnings excluding bonuses rose an annual 2.9 percent in the three months through July, more than the 2.8 percent economists forecast. In July alone, basic wages rose 3.1 percent, the most since 2015, and vacancies are at record levels, the Office for National Statistics said Tuesday.