Sunday, 20 January, 2019


UK Jobless Rate Lowest Since 1975

Job vacancies Pay is on the up as companies struggle to fill their more than 800,000 job vacancies at a time of very low unemployment Credit Matt Cardy Getty
Conrad Doyle | 16 May, 2018, 11:28

Including bonuses, pay growth in full fell to 2.6% from 2.8% in the three months through February.

Today's ONS data showed that annual growth in earnings, excluding bonuses, edged up to 2.9 per cent in the three months to March. That means they outstripped CPI inflation for March which stood at 2.5 per cent.

It follows a year in which wages fell against inflation.

Tom Stevenson, investment director for personal investing at Fidelity International, says: 'British workers are feeling marginally better off after wages grew in real terms for the second month on the trot.

A decade on from the financial crisis real wages are still worth £24 a week less than in 2008, according to the TUC.

However, wages are not forecast to recover to their pre-recession level until 2025. However, the reality is that without adding more people to the potential workforce, the pace of job generation will slow and could cause an already tight labour market to burst'.

"On balance, the combination of robust employment growth, falling unemployment and stronger underlying earnings growth, as well as a clear relapse in productivity in the first quarter, looks supportive to a Bank of England interest rate hike in August", said Howard Archer, chief economic adviser to the EY ITEM Club consultancy.

Employment rose to 32.3 million, the highest number since records began in 1971.

The unemployment rate in Britain remains at a 40-year low, according to the latest figures from the Office for National Statistics.

A separate ONS report reveals that there were 2.29 million European Union nationals working in the United Kingdom - 28,000 fewer than a year earlier. It's important to remember, though, that this isn't a measure of migration.

Commenting on the latest numbers, work and pensions secretary, Esther McVey, said: "Since 2010 we have seen 3.2 million more people move into work right across the UK".

"Today's figures once again cement that turnaround, with a new employment rate record of 75.6 per cent, and on average over 1,000 people each and every day, since 2010, getting a job".

Wages in the United Kingdom are rising faster than inflation figures released this morning show.

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