Wage growth outpaces inflation


BBC data journalist Daniele Palumbo has been looking at the ONS data. Here's his chart showing that wage growth is outpacing inflation.

Even so, the ONS says that employees' earnings are lower than they were in 2008 and 2009 when inflation is taken into account.

Wages growth fastest since 2008

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If bonuses are included, the ONS estimated that the annual growth in average weekly earnings for employees increased to 4% in the three months to July, from 3.8% in the three months to June.

This was the biggest rise since mid-2008.

In real terms (after adjusting for inflation), annual growth in total pay was 2.1% and annual growth in regular pay is estimated to be 1.9%.

ONS says employment rate joint highest on record


The ONS said the UK employment rate was 76.1% - the joint-highest on record since comparable records began in 1971, and higher than a year earlier (75.5%).

Wage growth slows

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The Office for National Statistics says the UK unemployment rate between May to July was estimated at 3.8%; this is lower than a year earlier (4.0%) and unchanged on the quarter.

Estimated annual growth in average weekly earnings for pay (excluding bonuses) fell to 3.8%.

'Brexitproof' business

BBC Radio 5 Live

Wake Up To Money

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Official unemployment data is due later today but ahead of that, Manpower has published a report into bosses' hiring intentions which has found that companies appear to be taking on more staff in an attempt to "Brexitproof" their businesses.

The recruitment company says its latest three-monthly survey of more than 2,000 employers shows recruitment is at a nine month high.

James Hicks, UK managing director, told Radio 5 Live Wake Up To Money, that hiring was taking place in transport and logistics.

It is similar to what was happening in the run to the first Brexit date in March when employers where "looking to stockpile goods and services, in many ways they [were] looking to do the same thing with talent".

"It is sharper in some sectors than in others. So you see manufacturing and some of the transports and logistics [sectors]... they start getting to an earlier peak of hiring than they would do normally".

It is difficult to tell if the roles are permanent, he said, but he added: "One of those areas driving confidence in job hiring is in border force".

What can India do to beat an economic slowdown?

After years of fast-paced growth, India’s economy is losing steam and growth has slowed.
After years of fast-paced growth, India’s economy is losing steam. In this country of more than a billion people, domestic consumption is one of the main drivers of growth but unemployment is rising and people's purchasing power has taken a hit. 

While the government maintains that the economic slowdown is temporary and a revival is not too far ahead, for now the impact of the slowdown is being felt across industries. Car sales are declining, private investment is slowing down and the shadow banking sector is in a crisis. 

India’s central bank has cut interest rates to boost the slowing economy, but is this enough? And with ambitions to become one of the world’s most powerful economies, which sectors can help drive India’s growth in the next 10 years? 

We speak to the vice chairman of the Indian government’s policy think tank, an independent economic analyst, and a business journalist. We ask them what India can do to beat the current economic slowdown.

Presenter: Devina Gupta

Contributors: Rajiv Kumar, Vice Chairperson, NITI Aayog government think-tank; Pranjal Sharma, Independent Economic Analyst and author; Shweta Punj, Deputy Editor, India Today and Social Entrepreneur, Young Global Leader (World Economic Forum)