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Jobs revival drives growth in wages to fastest for two years

Official data yesterday showed that the UK labour market has continued to strengthen. Regular weekly wage growth accelerated from 1.6% to 1.8% in the three months to November; unemployment fell to a six-year low of 5.8%; and the number of vacancies reached a record high. Chris Williamson, an economist at Markit, commented: 'What's particularly important is that regular wage growth is outstripping inflation to the greatest extent since 2008: this has been the missing ingredient of the UK's economic recovery from the recession.' However Katja Hall, deputy director-general of the CBI, warned: 'Productivity will need to improve significantly before pay can rise faster.'

 

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