Wage growth slows as unemployment remains unchanged

January 16, 2024

Wage growth has slowed but still remains well above the rate of inflation while unemployment is unchanged, according to official figures.

Average weekly wage growth, which excludes bonuses, eased to 6.6% in the three months to November, from 7.3% a month earlier, the Office for National Statistics said.

It means pay packets grew faster than the rate of price rises, which stood at a more than two-year low of 3.9% up to November.

The rate of unemployment also remained at 4.2%, still historically low.

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