Pay rises wiped out by surging inflation and set to climb further – ONS
Wage rises were wiped out by the rising inflation late last year, according to official figures.
Official data from the ONS shows weekly earnings (not including bonuses) rose by 3.8 per cent in the three months to November compared to the same period in the year before.
ONS said that it was a “slowdown” compared with the month before and with inflation climbing to a ten-year high the rise was cut to serpo in real terms.
In November, workers saw a real terms pay cut of 1% – the first such fall since July 2020.
Inflation is set to climb further this spring, adding to the squeeze.
The latest labour market data revealed unemployment dropped from 4.2% to 4.1% while the redundancy rate sunk to a record low.
In December, the number of workers on UK payrolls climbed 184,000 to 2.9 million – now 409, 000 above pre-pandemic levels in February 2020.
Figures also showed the number of job vacancies in the three months to December climbed to a record 1.247 million.
Rishi Sunak said: “Today’s figures are proof that the jobs market is thriving, with employee numbers rising to record levels, and redundancy notifications at their lowest levels since 2006.”
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