Jobless rate up as pay rises stall

UK earnings growth has eased back further as the rate of unemployment hit its highest level for more than four years but official figures also showed signs the jobs market may be stabilising.

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The Office for National Statistics (ONS) said regular wage growth fell back to 4.7% in the three months to August, down from 4.8% in the previous three months, hitting a fresh low of more than three years.

The jobless rate increased unexpectedly to 4.8% in the three months to August, up from 4.7% in the previous three months. This is the highest since March to January 2021, at the height of the pandemic, although the ONS said the figure needs to be treated with caution as it continues to overhaul its labour market survey.