Wages are rising, and fast.
Growth in regular pay, excluding bonuses, was 6.4pc in September to November 2022. This is the strongest growth rate seen outside of the coronavirus pandemic period.
The growth rate was the same for average total pay including bonuses.
The impact on the economy of strike action is becoming clearer, as it emerged the UK lost 467,000 days to strike action in November, according to figures published by the Office for National Statistics.
The official data also showed the rate of unemployment rose to 3.7pc in the three months to November, up from 3.5pc in the previous three-month period.
Meanwhile, the number of job vacancies in October to December fell 75,000 from the previous three months to more than 1.1m.
The number of people on payrolls in December was up 28,000 on the revised November figures to 29.9m.
5 things to start your day
1) City of London reforms risk repeat of Equitable Life savings scandal, warns Bank of England | Brexit freedoms could see pension providers run out of capital, Governor Andrew Bailey says
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