Unemployment hits 42-year low but wages stagnate

Unemployment hits 42-year low but wages stagnate

Joblessness has hit a 42-year low, as employment soars to a new high, according to a study from the Office for National Statistics (ONS).

The ONS reports that the number in work has risen 379,000 since the UK’s vote to leave the EU, whilst the number of jobless candidates fell by 4.9%. However, it’s not all good news as wages face a more subdued growth. Speaking about salary levels, Andrew Wishart of Capital Economics, told The Independent: “The continued absence of a pick-up in wage growth is likely…with inflation reaching 2.9% in August, the squeeze on households’ real incomes probably intensified.”

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