DM BRIEF: UK Regular Earnings Growth Lowest in nearly 4 Years

Annual growth in UK employees' average regular earnings (ex-bonuses) was 4.5%, and for total earnings (including bonuses) growth was 4.7% in the three months to November, the Office for National Statistics said Tuesday. 

Regular earnings growth was the lowest since the 4.5% read in the period to April 2022. Annual average regular earnings growth was 7.9% for the public sector and 3.6% for the private sector. All-in-all, the data was in line with Bank of England expectations and will do little to shift the thinking of individual policymakers. (see MNI INTERVIEW: UK Wage Growth To Slow - Brightmine's Attwood )

Payroll numbers fell by a provisional 43,000 in December, the largest monthly decline in over 5 years, the ONS said Tuesday, although cautioning the data was subject to revisions in coming months. The early December data also showed a decrease of 184,000 on the year. The UK unemployment rate came in unchanged at 5.1% in the three months to November 2025, while early estimates for vacancies in the period to December suggest a modest increase of 10,000  to 734,000.