Wages adjusted for inflation decline while job vacancies fall for first time in two years
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The number of job vacancies in the UK has fallen for the first time in two years, while ‘real’ pay – adjusted for inflation – fell by a record 3% in the quarter to June.
Today’s stats demonstrate that the jobs market is in a strong position, with unemployment lower than at almost any point in the past 40 years – good news in what I know are difficult times for people. This highlights the resilience of the UK economy and the fantastic businesses who are creating new jobs across the country.
Although there are no easy solutions to the cost of living pressures people are facing, we are providing help where we can. We are delivering a £37bn package of help for households through cash grants and tax cuts so people can keep more of what they earn.
