UK workers are continuing to experience near stagnant wage rises, despite record numbers of people in work and low unemployment levels, the latest labour market survey from the Office for National Statistics (ONS) reveals.
ONS data published this week shows there were 32.39 million people in work between November 2017 to January 2018 and February to April 2018, 146,000 more than for November 2017 to January 2018 and 440,000 more than for a year earlier, with an overall employment rate of 75.6%.
According to the survey results, there were 1.42 million unemployed people in the last quarter, 38,000 fewer than for November 2017 to January 2018 and 115,000 fewer than for a year earlier. The official unemployment rate fell from 4.6% to 4.2%, in spite of concerns over Brexit and a struggling highstreet.
The number of people regarded as “economically inactive” ( those not working and not seeking or available to work) fell by 72,000, or 21.0% – the lowest since records began in 1971.
However, real-terms wages increased by just 0.4% excluding bonuses,and continue to lag behind inflation, which currently stands at around 2.4%.
Source: ‘Wage growth stuck in the slow lane’ despite high employment : Welfare Weekly