Economic news

UK pay rises slightly but employment drops for second straight month

Pay growth for UK's employees accelerated slightly in the three months to October but there was another fall in employment, the Office for National Statistics reported.

The number of people in work slumped by 56,000 in the July-October quarter, the most since mid-2015. It was the second drop in a row. The unemployment rate remained at 4.3 percent, its lowest level since 1975.

Average weekly wages, excluding bonuses, increased by an annual 2.3 percent in the three months to October, below inflation at 3%.

The Bank of England raised interest rates for the first time in 10 years in November as most of its officials assumed the sharp drop in unemployment will soon start to boost salaries.

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