Wage Growth and Job Vacancies Slowing Down as Mortgage Arrears Rise
• Pay growth falling sharply to 7.2% in Oct from 8% as job vacancies continue to decline • Number of mortgages in arrears rising amid higher interest rates, now at highest level since Spring 2017 • Employment and unemployment rates largely unchanged at 75.7% and 4.2% respectively • Job vacancies fallen for longest period on record, though still above pre-pandemic levels • Signs wage pressure easing overall, but pay still growing in real terms as inflation falling faster