Unemployment and wage growth rising in UK-Report
2022.12.13 02:31
Unemployment and wage growth rising in UK-Report
Budrigannews.com – The Office for National Statistics reported on Tuesday that while the unemployment rate in Britain increased to 3.7% in the three months leading up to October, basic wages increased by the most since records began, excluding the coronavirus pandemic.
In an effort to determine the likelihood of Britain’s tight labor market causing long-term inflation issues, the Bank of England is closely monitoring pay growth.
Except for increases during the COVID-19 outbreak that were distorted by lockdowns and government support measures, regular pay increased by a stronger-than-expected 6.1% from August to October. This was the largest increase since records began in 2001.
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According to the ONS, the economic inactivity rate, or proportion of people who do not have a job but are not looking for one, decreased by 0.2 percentage points in the three months to October to 21.5%.
However, it stated that the rate was 1.3 percentage points higher than prior to the pandemic.
