Investing.com - Pay growth in the UK accelerated at the fastest pace since 2008 in September, while the unemployment rate unexpectedly ticked higher, according to official data released Tuesday.
Average earnings, excluding bonuses, rose by an annual 3.2% in the three months to September, the Office of National Statistics reported. It was the fastest increase in a decade and came in above expectations for growth of 3.1%.
Including bonuses, pay growth rose by an annual 3.0%, in line with forecasts.
The annual rate of inflation in the UK fell to 2.4% in September, helping ease the spending squeeze on consumers.
The unemployment rate unexpectedly rose to 4.1% in the three months to September, up from a 43 year low of 4% as the number of people unemployed in the UK increased by 20,200.
The number of people in employment rose by 23,000 to 32.41 million. It was the highest level since records began in 1971, leaving the employment rate near a record high at 75.5%.