- In the three months to June 2014, employment rose by 167,000, while unemployment fell by 132,000 (to 6.4%)
- Total pay including bonuses fell by 0.2% while pay excluding bonuses was up 0.6%
Commenting on the labour market statistics for August 2014, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“These figures show that the UK labour market is strong and flexible. However, wages growth declined on the quarter for the first time in five years, which is a warning sign that the economic recovery although on the right track, is still fragile.
“The earnings figures confirm that there are no serious inflationary pressures at present, with the strength of sterling also putting downward pressure on inflation. In this environment, the MPC needs to take its time before considering a rise in interest rates, and assure businesses that when they eventually start rising, this will happen slowly and at a measured pace.”
