![]() That helps explain the curiosity of the UK jobs market in which unemployment is essentially stable (3.8%) and there are a record number of people in work, touching 30 million for the first time since COVID-19, yet there are more than one million vacancies unfilled. ![]() The easing conceals a new record number of people not working because of long-term sickness, rising to 440,000 more people out of the jobs market because of ill-health since the pandemic. That wage growth, sharper than anticipated, came despite what appears to be a slight easing of a jobs market that has struggled with a mismatch between vacancies and available workers for more than a year.Įconomic inactivity, which covers all those for various reasons not in work or looking for a job - has been a key factor in limiting labour supply, but the total fell for a fifth consecutive month. The ONS data reveals wages rose by 7.2% in the three months to April, higher than expected and a figure that will weigh heavily in the Bank of England's calculations about the path of rates.Īdjusted for CPI inflation real wages - the spending power of the pound in your pocket - fell 2.3% demonstrating the challenge of the current inflationary environment. ![]() ![]() The latest snapshot of Britain's labour market reveals an economy still restrained by worker shortages with wage inflation driven to a new post-pandemic peak that, in turn, increases the likelihood of another interest rate increase next week. Analysis by Paul Kelso, business correspondent ![]()
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