Mar 15, 2022

UK wage growth trails rising cost of living

UK wage growth failed to keep up with the rising cost of living between November and January, new figures show. The new figures also show that the unemployment rate fell to 3.9%, while job vacancies hit another record high. The rising cost of food, energy and household goods has pushed inflation, which measures how the cost of living changes over time, to a 30-year high. The number of unemployed people fell below pre-pandemic levels for the first time, while there was another strong rise in the number of pay-rolled employees in February. Grant Fitzner, chief economist at the ONS added: "However, the number of people out of work and not looking for a job rose again, meaning total employment remained well below its pre-pandemic level."We have seen yet another record number of job vacancies, and with the redundancy rate falling to a new record low, demand for workers remains strong.

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