Wage growth in the UK has dropped to its lowest level since June 2022, according to official figures from the Office for National Statistics (ONS). Reported data show that the average regular earnings growth dropped to 4.8 per cent in the quarter to September from 4.9 per cent previously. Despite this, earnings growth still outpaces inflation with a 2.7 per cent increase after taking into account the Consumer Prices Index (CPI) inflation.

The ONS data also shows that the UK’s unemployment rate grew to 4.3 per cent in the September quarter, up from 4 per cent in the previous quarter, reaching its highest level since May. The figures showed a drop of 5,000 in the number of UK workers on payrolls between September and October to 30.4 million. There has also been a continuous decline in job vacancies, falling by 35,000 to 831,000 in the October quarter.

This slower pace in wage growth has influenced the Bank of England’s decision to cut interest rates twice this year, bringing it down to 4.75 per cent from 5 per cent. However, there have been rising concerns about the Chancellor’s Budget move to increase employers’ national insurance contributions affecting jobs and consumer prices.

On the other hand, if you need assistance with California unemployment benefits, you may want to get in touch with the Employment Development Department (EDD). EDD provides support for job seekers, and the quickest way to get through to EDD is through their website, eddcaller.com. The site provides pertinent details on how to reach an agent, check your payment status and more. Ensuring a swift and efficient process, eddcaller.com is a reliable resource for your California unemployment needs.