Staff pay excluding bonuses rose by 4.9% in the three months to August compared with the same period a year earlier, down from 5.1% in the three months to July, according to the Office for National Statistics (ONS).
The ONS said annual growth in total earnings including bonuses was 3.8% in the three months to August, down from 4.1% for the equivalent period in July.
The fall is likely to be seen as a further milestone in the return to normal levels of earnings growth by the Bank of England and a spur to bringing down interest rates at a faster pace.
However, the ONS said the data was volatile, and especially after a series of one-off bonuses awarded to NHS and civil service staff last year that had fallen out of the annual statistics, dragging down the figures for total earnings by more than would be expected.
This story is from the October 16, 2024 edition of The Guardian.
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This story is from the October 16, 2024 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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