Wages soar by a record 7.8% raising fresh inflation fears despite signs the jobs market is weakening with unemployment nudging up – while long-term sickness hits another new high

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Wages soar by a record 7.8% raising fresh inflation fears despite signs the jobs market is weakening with unemployment nudging up – while long-term sickness hits another new high

Wages rises have hit a new record raising fresh concerns about inflation - despite signs the jobs market is weakening.Regular pay was up by 7.8 per ce

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Wages rises have hit a new record raising fresh concerns about inflation – despite signs the jobs market is weakening.

Regular pay was up by 7.8 per cent annually in the quarter to June, the fastest pace since comparable figures began in 2001.

Although the sharp increase was still slightly below the eye-watering hikes in prices, the ONS findings will cause anxiety in the Bank of England as it considers whether to push interest rate higher. Less reliable but more up-to-date pay data suggest that the upwards momentum might have slowed. 

Meanwhile, the jobless rate defied expectations of a standstill to hit 4.2 per cent between April and June. Vacancies were also down slightly, although there still remain over a million posts available. 

Inactivity nudged down slightly over the quarter, but this was largely driven by stay-at-home parents returning to work. Numbers off sick reached another new peak.    

Regular pay was up by 7.8 per cent annually in the quarter to June, the fastest pace since comparable figures began in 2001

Finance and business services workers saw their regular pay grow at the fastest rate in April-June

Finance and business services workers saw their regular pay grow at the fastest rate in April-June

Finance and business services workers saw their regular pay grow at the fastest rate in April-June 

ONS director of economic statistics Darren Morgan said: ‘The number of unemployed people has risen again while the number of people working has fallen back a little. 

‘This is mainly due to people taking slightly longer to find work than those who started job hunting in recent months. 

‘The drop in those neither working nor looking for work is mainly among those looking after their family or home. 

‘Meanwhile the number of people prevented from working by long-term sickness has risen again to a new record.

‘Job vacancies have now fallen over a quarter of a million since this time last year. However, they remain significantly above pre-COVID levels.

‘Earnings continue to grow in cash terms, with basic pay growing at its fastest since current records began. 

‘Coupled with lower inflation, this means the position on people’s real pay is recovering and now looks a bit better than a few months back.’

Source: | This article originally belongs to Dailymail.co.uk

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