Average pay including bonuses rose by 5.5% in the three months to July while regular pay (excluding bonuses) increased by 5.2%, up from 4.7% in June.
Workers continued to be hardest hit in the public sector, where regular pay grew by 2%, compared with 6% in the private sector. Annual inflation was 10.1% in July, the highest level in 40 years.
According to the Office for National Statistics, wages adjusted for inflation fell by 2.6% including bonuses and by 2.8% excluding bonuses.
Samuel Tombs, the chief UK economist at the consultancy Pantheon Macroeconomics, said the business surveys chimed with the official data to show that “labour demand is barely rising”. Tombs added that unemployment would rise as the economic situation worsened over the coming months and unemployment will rise to about 4% by the end of the year and 4.5% by mid-2023.
No comments:
Post a Comment