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June 4, 2023
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Wage growth slips whilst number in work surpasses expectations Magazine

Wage growth has slipped from 2.9 per cent to 2.8 per-cent from the 90 days to April, despite unemployment rate reaching a record-high of 75.6 per-cent, based on an investigation through the Office for National Statistics (ONS).

The news provides the sheer number of persons in work swelled by 146,000, over 20% a lot more than predicted by economists.

Economists had also expected wage growth to keep steady at 2.9% ?so when wage growth is one of the key figures your budget of England monitors to gauge the fitness of united kingdom economy, this slowdown is probably going to observe the MPC suppressing on the interest rise expected in August.

John Hawksworth, Chief Economist at PwC, says:?“Today’s data confirmed generally positive trends during the jobs market in recent months, when using the employment rate remaining for a record high as well as the unemployment rate at its lowest levels since 1975.

“But average hours worked fell back somewhat over the last with three months. Total hours worked actually fell slightly over this era than the previous 11 weeks. This helps to clarify why total output growth has long been relatively weak recently despite solid increase in the number of jobs.

“After increasing markedly to two.9% while in the 90 days to March, regular pay growth slipped back slightly to 2.8% in the three months to April. But real pay growth remains in positive territory given consumer price inflation has eased to two.4%.

“Overall, this new data is not going to significantly affect the overall picture of an modestly growing economy combining relatively strong increase jobs with weaker increase in productivity per worker and, caused by this, only modest real pay growth.”

Matthew Percival, CBI Head of Employment Policy, adds: ?“The data paints a familiar picture

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