Menu

Unemployment rate falls unexpectedly as wage growth slumps
📰
0

Unemployment rate falls unexpectedly as wage growth slumps

The Telegraph·Eir Nolsøe.·about 1 month ago
#UpsvK1RQ
Reading 0:00
15s threshold

Workers are seeing the slowest pay rises in more than five years in a blow to households already facing soaring bills triggered by the war in Iran. Average wages grew by 3.6pc in the three months to February, according to the Office for National Statistics (ONS). This was the weakest rise since the quarter to November 2020. Adjusting for inflation, British workers’ pay increased by only 0.2pc. Slowing wages will raise the pressure on families, as the war in Iran pushes up the cost of living. The ongoing conflict is expected to drive up food inflation to more than 9pc by the end of the year, according to forecasts by the Food and Drink Federation. Average households energy bills are expected to rise close to £2,000 a year, while petrol and diesel prices have already spiked. Martin Beck, chief economist at WPI Strategy, said: “Weaker pay growth will compound the squeeze on households from higher energy prices and supply chain disruption linked to the conflict in the Middle East.…

Continue reading — create a free account

Join HashtagPLUS to read full articles, follow hashtags, vote, and join the conversation.

Read More