Wage growth at the highest rate since 2008

UK wage growth reached 3.6% in May 2019, the highest growth rate since 2008, according to figures from the Office for National Statistics.

Wages have exceeded inflation since March 2018.

A record 32.75 million people were employed at the end of May, while 1.29 million were unemployed, the lowest level since at least 1992.

"The job market remains strong," said Matt Hughes, Deputy Head of Labor Market Statistics at ONS.

"The number of independent part-time workers has exceeded 1.5 million for the first time, more than double what it was 25 years ago," he added.

"The regular pay is increasing as fast as 11 years in terms of liquidity and the fastest for more than three years after taking into account inflation."

After adjusting for inflation, wages remained stable compared to last month.

The unemployment rate remained at 3.8% as expected, its lowest level since the three months to January 1975.

But employment growth slowed to 28,000, the smallest increase since the quarter ending last August. Vacancies have fallen to their lowest level in more than a year.

According to recent surveys of companies, employers are becoming more cautious about recruitment in the run-up to the new Brexit deadline of 31 October.

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"Despite the signs of slowing employment growth, the labor market remains tense and the unemployment rate is at its lowest level for several decades," said Alpesh Paleja, Senior Economist at the CBI lobby group. .

"It is heartening to see that wage growth has accelerated further, putting more money in people 's pockets, but as recent data shows, productivity remains sluggish.

Ian Stewart, chief economist at Deloitte, said: "The job market seems to have challenged gravity, with rising wages and falling unemployment even with slower growth.

"The big question is how long it can last." Job offers are down slightly and companies are cautious when hiring, so the pace of job creation could slow down. # 39; s here. "