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Earnings grow at fastest rate for six years

Builders - UK workers are seeing their pay rise - SantanderCB

UK workers are seeing their pay rise at its fastest rate in six years. According to official statistics published yesterday, average weekly earnings excluding bonuses increased by 2.9% in the quarter to July – the most rapid rise since 2009. Earnings including bonuses also rose by 2.9% and private sector pay rose even faster, by 3.7%. Meanwhile hours worked fell by 0.4% in the three months to July, and with the economy growing at 0.7% in the second quarter this implies that levels of output per worker are rising – making pay increases more sustainable. Martin Beck of the EY Item Club said the figures 'point to a Goldilocks job market – not too hot and not too cold'. Sterling firmed against both the dollar and euro yesterday as traders started to bring forward expectations of when the Bank of England may raise interest rates.

 

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