Economics
U.K. Wages Rise at Fastest Pace Since 2008 in Tight Labor Market
- Basic pay growth of 3.6% now easily outpacing 2% inflation
- Labor market may be stalling as economy adds fewer jobs
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U.K. wages grew at the fastest pace in 11 years in the three months through May and unemployment remained at its lowest rate since the mid-1970s.
Average earnings excluding bonuses rose 3.6%, the Office for National Statistics said Tuesday. The number of people in work rose 28,000 to a record high, leaving the jobless rate at a 44-year low of 3.8%.