Wages are failing to keep up with the rate of inflation as unemployment rises and the cost of living continues to increase.
The office for national statistics (ONS) has found that regular pay (not including bonuses) has decreased by 3.4% since April; this is the sharpest decline since records began. This is hitting public sector workers even harder as their regular pay is decreasing by 6% a year. The figures show that the rapid increase in inflation provoked by the war in Ukraine and recovery from the economic impact of the pandemic cannot be matched by wages as we find ourselves in a cost of living crisis.
The ONS also found that companies were having issues with recruitment and that although unemployment has risen there are 40,000 more people who are out of work but are actively seeking employment than in April.
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