LONDON, UK – Wages in the UK are growing, despite rising unemployment rates, a recent study has shown (September 12, 2023).
Pay packets in the UK are up by 7.8% and are keeping pace with inflation for the first time in over a year, according to a new data report published by the Office of National Statistics (ONS*).
The ONS report also says that average earnings - excluding bonuses - are maintaining the fastest pace of growth since the series began in 2001.
But despite pay increases, the study also highlights unemployment is continuing to grow, with rates at the highest figure since 2021.
The proportion of people now out of work and looking for a job rose to 4.3% in the three months up to July.
UK Employment rates have dropped by a higher-than-predicted 207,000 in the three months to July of this year.
It’s the biggest such fall since the three months to October 2020, the ONS data showed.
Commenting on the statistics, Camino Group CEO, Sachin Ruparelia, said the growth in employee wage rises was also reflective hiring trends in Camino Partners' and Camino Search's recruitment markets.
"Within our specific market sectors, we have noticed an average salary inflation in the region of 11%," he said.
"Although it is disappointing to see the UK employment rate falling, more positively, we have noticed a 20% rise in job opportunities within our specific recruitment markets, which is encouraging."
Camino Group is currently experiencing a strong period of growth having recently moved into its new London office, near Liverpool Street Station.
The operation plans to double its consultant headcount by the end of 2024 and is investing heavily in academy training programmes to develop the skills of its consultants.
*To read the full report visit the ONS website, here: UK labour market: September 2023 - Office for National Statistics (ons.gov.uk)