Economy

United Kingdom wage growth edges up - but sticks below the rate of inflation

United Kingdom wage growth edges up - but sticks below the rate of inflation

The ONS added the employment rate - the proportion of people aged from 16 to 64 who were in work - was 75.1%, the highest since comparable records began in 1971.

The pound strengthened this morning after official data showed growth in United Kingdom wages had risen in the second quarter as unemployment hit another record low.

However, 15 per cent of unemployed people were migrants from outside Europe - 219,000 - people, while fewer than 100,000 EU-born workers were unemployed, 98,000, or 6.7 per cent of all unemployed people.

News of this economic upturn has driven up the value of the pound against both the Dollar and the Euro. While a positive note, real earnings - inflation minus wage growth - remain negative by 0.5%, leaving the United Kingdom consumer out of pocket.

Excluding bonuses - which analysts say gives a better picture of the underlying trend - earnings in nominal terms rose by 2.1 percent year-on-year, unchanged from May and against expectations for a 2.0 percent rise.

The unemployment rate in the United Kingdom fell to its lowest level in more than 40 years in June, while the number of European Union nationals working in Britain hit a record high.

Real earnings shrank by 0.5 per cent in the three months to June, the Office for National Statistics said.

"A Labour government will stand up for all working people, implementing a real Living Wage of £10 per hour and bringing an immediate end to Tory austerity".

"Ministers are sitting on their hands as another living standards crisis unfolds".

Howard Archer, chief economic adviser to the EY Item Club, said: "Worryingly for consumers, higher employment is still not translating into higher pay".

President Donald Trump claimed that the USA has the "highest employment numbers we've ever had in the history of our country" during a Tuesday press conference.

The unemployment rate's lowest point "ever", as far as the data show, is 2.5 percent in June 1953.

Economists had not expected such strong figures as the economy has grown only at a muted pace this year.


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