UK wage growth lags behind inflation as cost of living squeeze continues – Yahoo Finance UK

Interest in .eth domain names has escalated since amazon.eth received a purchase bid of $1m this month
Incomes in Britain saw their biggest squeeze since 2014 in the three months to December as UK wage growth slowed.
According to the latest data from the Office for National Statistics (ONS) on Tuesday, wage growth came in at 3.6%, down from a previous 3.8%, adding further pressure on incomes amid concerns over a cost-of-living squeeze.
This lagged behind UK inflation which hit 5.4% in the 12 months to December, and is expected to climb above 7% by April when the energy price cap rises.
After adjusting for recent rises in consumer prices, real total pay fell in the year to October-December 2021, despite a strong recovery in bonuses. Average wages excluding bonuses fell 1.2% – the biggest decline in almost 8 years.
It came as UK unemployment remained steady at 4.1% during the quarter. Although the jobless rate was unchanged, as widely expected by economists, this figure still sits above pre-pandemic levels of 3.8%.
The highest unemployment rate estimate in the UK was in the North East at 5.6%, while the lowest was in Northern Ireland at 2.7%.
Both Yorkshire and The Humber, and the East Midlands, saw record lows in the unemployment rate at 3.8 and 3.4 percentage points respectively, with the East Midlands also recording a record low level (82,000 people).
The number of people claiming jobless benefits fell to 31,900 in January when compared to 51,600 previously. The claimant count rate came in at a steady 4.6%.
Total hours worked increased slightly compared with the previous three-month period but are still below pre-coronavirus levels, despite the loosening of COVID restrictions.
Following an increase in the employment rate since early 2012, the rate decreased from the start of the pandemic in December 2019 to February 2020. However, there has been an increase since the end of 2020.
The number of part-time employees decreased strongly during the health crisis, but has been increasing since April to June 2021, driving the increase in the employment rate during the latest three-month period.
Meanwhile, the number of self-employed workers remained low following decreases through the pandemic.
Read more: Studio Retail collapses into administration with 1,000 jobs at risk
“The number of employees on payrolls rose again in January 2022 and is now well above pre-pandemic levels. However, our Labour Force Survey shows the number of people in employment overall is well below where it was before COVID-19 hit. This is because there are now far fewer self-employed people,” Sam Beckett, ONS head of economic statistics, said.
“The survey also shows that unemployment has fallen again and is now only fractionally above where it was before the pandemic. However, over the same period, nearly 400,000 people, mostly the over-50s, have disengaged from the world of work altogether and are neither working nor looking for a job.”
The number of job vacancies in November 2021 to January 2022 also rose to a new record of 1,298,400, an increase of 513,700 from its pre-coronavirus January to March 2020 level.
However, the rate of growth in vacancies continued to slow down, the ONS said.
Read more: JD Sports fined over £4m for breaching CMA order in Footasylum takeover
In addition to this, in the quarter to December, reports of redundancies decreased by 1.2 per thousand compared with the previous three-month period to a record low of 2.6 per thousand employees.
Suren Thiru, BCC head of economics, said: “Record vacancies underscore the critical hiring crisis facing firms. With high economic inactivity indicating that many people have left the jobs market altogether, chronic staff shortages are likely to weigh on the UK economy for a sustained period.
“While Omicron is having little impact on employment, the squeeze on firms’ finances from high inflation, soaring energy bills and the looming national insurance hike is likely to weaken job creation and further restrain pay growth in the coming months.
He added: “The government must do more to help people access rapid retraining opportunities for in-demand jobs, including helping older workers to pivot to more sustainable jobs. Delaying the looming National Insurance rise would give firms the financial headroom to retain and recruit people.”
Watch: How does inflation affect interest rates?
Ratings agency S&P affirmed Uniper's long-term credit rating at BBB- with a negative outlook on Friday, fulfilling one of the conditions for Germany's 15 billion-euro ($15.32 billion) bailout package of the gas importer. The package, among the biggest in German corporate history, still needs approval from the European Commission and the backing of Uniper shareholders. It carries certain conditions, including that Uniper withdraw a lawsuit against the Netherlands over its coal phase-out as well as a commitment by the Duesseldorf-based group to suspend dividend payments for the duration of its stabilisation period.
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to…
Relentless house price growth since the pandemic has shelved – or badly delayed – the prospect of homeownership for a generation of young people.
A Georgian estate in Pembrokeshire has gone up for sale on Rightmove, and is going for nearly £5million.
(Bloomberg) — The Boy Scouts of America must adjust their plan to create the biggest sexual abuse compensation fund in the U.S. in order to win final court approval for the $2.7 billion proposal, a judge ruled.Most Read from BloombergThe Crypto Collapse Has Flooded the Market With Rolex and PatekShock July Stock Rally Was a Monster the Fed May Regret SeeingAlito Decries 'Hostility to Religion' in First Public Remarks Since Abortion Decision Monkeypox is Spreading Fast. Now Kids Are Getting It,
(Bloomberg) — Investors should stay wary of US stocks and bonds as inflation remains a threat and recession looms, according to Rebecca Patterson, chief investment strategist at Bridgewater Associates.Most Read from BloombergThe Crypto Collapse Has Flooded the Market With Rolex and PatekShock July Stock Rally Was a Monster the Fed May Regret SeeingAlito Decries 'Hostility to Religion' in First Public Remarks Since Abortion Decision Monkeypox is Spreading Fast. Now Kids Are Getting It, TooRockst
Buyout firm Permira is nearing a deal to acquire Reorg Research Inc, a financial data vendor specializing in debt restructuring, for more than $1.3 billion, including debt, according to people familiar with the matter. The deal would mark a lucrative exit for private equity firm Warburg Pincus, which valued Reorg at around $400 million when it acquired a controlling stake in 2018. It underscores the growing value of niche financial data and news providers that are serving pockets of Wall Street looking for an edge.
The Tory leadership contender said she would ‘break down barriers’ to support people keen to get on the housing ladder.
Many of BP's overall fundamentals are impressive, from its value to its dividend payout. Plus, it's trading for less than $30 per share heading into its second quarter earnings release on Tuesday, August 2.
Global Market for Hemoglobin A1C (HbA1C) Testing Global Market for Hemoglobin A1C (HbA1C) Testing Dublin, July 29, 2022 (GLOBE NEWSWIRE) — The "Hemoglobin A1C (HbA1C) Testing – Global Market Trajectory & Analytics" report has been added to's offering. A $1.7 Billion Global Opportunity for Hemoglobin A1C (HbA1C) Testing by 2026Amid the COVID-19 crisis, the global market for Hemoglobin A1C (HbA1C) Testing estimated at US$1.2 Billion in the year 2022, is projected to reach a
All authorised providers will need to follow new rules, which include a ban on cold calling.
People who cannot get their hands on tickets officially are better off watching the match at home, a money expert has said.
provides the strategists; marketers and senior management with the critical information they need to assess the global digital advertising market as it emerges from the COVID-19 shut down.New York, July 28, 2022 (GLOBE NEWSWIRE) — announces the release of the report "Digital Advertising Global Market Opportunities And Strategies To 2031" – Description:Where is the largest and fastest-growing market for digital advertisings?
French airport operator ADP on Thursday raised its financial guidance as it returned to profit for the first time since 2019, boosted by a recovery in traffic in the first half of the year, in particular at Paris Aeroport. ADP, operator of the French capital's Orly and Roissy Charles de Gaulle (CDG) airports, now expects an EBITDA (earnings before interest, taxes, depreciation and amortization) margin of between 32% and 37% of revenue in 2022 and 2023, against its previous forecast of between 30% and 35%. Last week, ADP raised its traffic outlook for the year, saying it expected total traffic of 74%-84% of 2019 levels across its whole network of operated airports, and 72%-82% of 2019 levels for Paris Aeroport.
MILAN (Reuters) -Italy's top telecoms tower firm INWIT on Thursday confirmed its 2022 guidance while raising next year's targets as contracts with customers adjusted to rising inflation. INWIT's core earnings rose 12.6 year-on-year in the six months through June to 283 million euros, in line with an analyst consensus provided by the company. First half revenue also met forecast, rising 9.2% to 418 million euros, as customers including Telecom Italia (TIM) and Vodafone installed an additional 1,080 antennas on INWIT's towers between April and June.
MADRID (Reuters) -Spain-based pilots at easyJet will go on strike for nine days in August to demand better working conditions, the SEPLA union said on Friday. The union is demanding that the budget airline reestablish pilots' working conditions from before the COVID-19 pandemic and provide its pilots with a new multi-year contract deal. EasyJet said it was aware of an upcoming pilot strike at its bases in Barcelona, Malaga and Palma in Mallorca.
Revenues beat analyst expectations, jumping to $10.8bn (£8.8bn) in the quarter to 30 June.
Electronics Parts Forward Logistics Market in APAC 2022-2026. The analyst has been monitoring the electronics parts forward logistics market in APAC and it is poised to grow by $ 1. 47 bn during 2022-2026, decelerating at a CAGR of 8.New York, July 29, 2022 (GLOBE NEWSWIRE) — announces the release of the report "Electronics Parts Forward Logistics Market in APAC 2022-2026" – 5% during the forecast period. Our report on the
MILAN (Reuters) -The Agnelli family's Exor holding company said on Friday it would move the trading of its shares to the Amsterdam bourse from Milan to align with its legal structure as a Dutch registered company. Exor has no operations in Italy, but the move may irk politicians after a string of blue-chips ditched the country in favour of the Netherlands for their legal headquarters in recent years. Exor is the single largest investor in carmaker Stellantis and the controlling shareholder of companies including Ferrari, CNH Industrial and Serie A soccer team Juventus.
Oil and gas companies report landmark earnings as households crippled by price caps


Leave a Comment

Ads Blocker Image Powered by Code Help Pro

Ads Blocker Detected!!!

We have detected that you are using extensions to block ads. Please support us by disabling these ads blocker.

Powered By
Best Wordpress Adblock Detecting Plugin | CHP Adblock