The latest data from the Office for National Statistics (ONS) shows wages rose at a record annual rate between April and June at 7.8%, the fastest annual rate since records began in 2001. Meanwhile the number of job vacancies fell by 66,000 between May and July, and unemployment rose from from 4% to 4.2%. Although there are still more than one million vacancies overall…
ONS Director of Economic Statistics Darren Morgan said:

“Coupled with lower inflation, this means the position on people’s real pay is recovering and now looks a bit better than a few months back.”

Wages rising this quickly will turn heads in the Bank of England. The latest inflation statistics are out tomorrow. Stay tuned…