Unemployment rate dips as pay growth slows

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The rate of unemployment has fallen slightly and pay growth has slowed, latest official figures show.

The jobless rate fell to 4% between June and August, down from 4.1% previously the Office for National Statistics (ONS) said.

Regular pay, excluding bonuses, grew at an annual pace of 4.9%.

While that marked a slowdown, wages are still rising faster than inflation.

The rate of people considered “economically inactive” – defined as those aged between 16 to 64 years old not in work or looking for a job – edged lower to 21.8%, the ONS said.

The number of job vacancies also decreased, falling to 841,000 in the July to September period.

“Vacancies have fallen once more, with most industries seeing a fall on the quarter,” said David Freeman of the ONS.

“However, the total still remains a little above its pre-pandemic level.”

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