Wages remain depressed despite low unemployment as workers face double-whammy of high inflation and rising …

Wages have remained low despite low unemployment so workers are facing high inflation and rising mortgage rates. average earnings have increased 2.2 percent which which is 0.1 percent lower than August and 0.3 percent lower than a year ago. The number of people working across the united kingdom fell by 14,000 to 32.06 million. unemployment levels fell by 59,000 to 1.4 million with a rate of 4.3 percent. Britain’s workers are struggling with depressed wages despite the fact that unemployment is at a whopping 12 year low.

Key Takeaways:

  • Average earnings increased by 2.2 per cent in the year to September, down 0.1 per cent on the previous month and 0.3 per cent on a year ago.
  • The number of people in work across the UK fell by 14,000 to 32.06 million, the marking the biggest fall in over two years, the ONS’s data also revealed.
  • The number of people deemed ‘economically inactive’ increased by 117,000 to 8.8 million in the quarter to September, which is the biggest rise in seven years.

“Britain’s workers are struggling with ‘depressed’ wages, despite the unemployment level remaining at a 12-year low.”

Read more: https://www.thisismoney.co.uk/money/news/article-5084675/UK-wages-remain-depressed-despite-low-unemployment.html

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