{"id":162257,"date":"2022-08-16T22:07:40","date_gmt":"2022-08-16T22:07:40","guid":{"rendered":"https:\/\/precoinnews.com\/?p=162257"},"modified":"2022-08-16T22:07:40","modified_gmt":"2022-08-16T22:07:40","slug":"cost-of-living-squeeze-on-wages-hits-a-new-high","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/politics\/cost-of-living-squeeze-on-wages-hits-a-new-high\/","title":{"rendered":"Cost-of-living: Squeeze on wages hits a new high"},"content":{"rendered":"

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Regular pay, excluding bonuses, grew by just 4.7 percent over the three months to June.<\/p>\n

The Office for National Statistics said it meant a 4.1 percent drop for employees once CPI inflation is taken into account.<\/p>\n

Workers in retail, hospitality and restaurants saw the sharpest pay increases, at an average of 7.7 percent, as employers have hiked wages in a bid to solve staff shortages.<\/span><\/p>\n

Official figures also showed that the number of UK workers on payrolls rose by 73,000 between June and July to 29.7 million.<\/span><\/p>\n

ONS director of economic statistics Darren Morgan said: “The number of people in work grew in the second quarter of 2022, whilst the headline rates of unemployment and of people neither working nor looking for a job were little changed.”<\/span><\/p>\n

“Meanwhile, the total number of hours worked each week appears to have stabilised very slightly below pre-pandemic levels.”<\/p>\n

“Redundancies are still at very low levels.”<\/span><\/p>\n

“However, although the number of job vacancies remains historically very high, it fell for the first time since the summer of 2020.”<\/span><\/p>\n

Chancellor Nadhim Zahawi said the figures show the jobs market is in a “strong position” with unemployment lower than at almost any point in the past 40 years.<\/span><\/p>\n

“Good news in what I know are difficult times for people,” he added.<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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