Wages went up 2.6% in the months leading to December, faster than the Annual Rate of Inflation, figures suggest:
However, the Wage Growth Rate slowed down, and some experts believe that households could face a crunch on spending during this year. It is still unfortunately unclear as to why wages are only rising by 2.6% a year.
The Office for National Statistics data also has suggested that the unemployment rate held steady with an 11 year low of 4.8% at the time.
The amount of non-UK citizens living & working in the UK expanded by 233,000 to almost 3.5 million contrasted with the prior year.
The Office for National Statistics stated “the unemployment rate is now it’s lowest in over a decade; Wage Growth however, remains subdued.” Wage development has hindered from the 2.8% rate found in the three months going into November.
The Office for National Statistics information suggests that the employment rate has risen to 74.6% which is allegedly a record high. The Office also found that UK unemployment has fallen by 7,000 to 1.6 million.
Some believe that unemployment & employment are linked however; the only interesting figures today are the employment figures. There is no link between the two; employment didn’t rise by the same amount that unemployment fell.