Rolling coverage of the latest economic and financial news, as wage growth slows but real earnings rise at fastest pace since summer 2021
The UK labour market “continues to face challenges” as wage growth falls and long-term sickness remain historically high.
So says Ben Harrison, Director of the Work Foundation at Lancaster University, adding:
“For millions the cost of living crisis is not over, and yet the tide is continuing to turn on pay.
“Data shows there are now 2.8 million people who are economic inactive due to long-term sickness, which is at one of the highest levels since records began in 1993.
“It’s good news that real wages are on the up for the sixth month in a row and unemployment remains low, but the job isn’t done.
Our tax cuts are part of a plan to get people back to work so we can grow the economy – but we must stick with it.”
