Wages growth values in UK High Level Up To 6 Years

Wages growth values in UK High Level Up To 6 Years - Number of wage growth in the UK rose to the highest level in more than six years and the unemployment rate unexpectedly dropped, suggesting that inflationary pressures are on the rise in the employment market.

British statistics bureau on Wednesday reported that the amount of wages outside the bonuses rose by 2.9% at an annual rate in the three months to July, this is the highest since the beginning of 2009. Total growth of wages also rose by 2.9%. The unemployment rate fell to 5.5%, matching the level of the lowest level since 2008, from the level of 5.6% in the previous period.

With companies that raise wages to attract workers, the spare capacity in the labor market is a key metric for the Bank of England in the middle of the officials are considering when to end the low-cost loans that has lasted more than six years. To date, the decline in oil prices has put pressure on inflation, making economists expect the BOE will keep its benchmark rate at 0.5% level until the beginning of next year.