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UK Wage Growth Continues to be Outstripped by Soaring Inflation - NIESR
- The latest ONS estimates suggest the annual growth rate of average weekly earnings was 5.1 per cent in the second quarter of 2022, marginally higher than our tracker predicted last month.
- Today’s estimates also suggest that real regular pay in the UK fell by 3.0 per cent, a record fall.
- NIESR’s wage tracker now predicts that average weekly earnings will grow at 6.1 per cent in the third quarter of this year.
- The unemployment rate held at 3.8 per cent in the second quarter, but there were signs of a slowdown in hiring as the number of job vacancies fell for the first time since August 2020.
- The labour market figures indicate that the weakening economy is leading to a slightly less tight labour market.
- Today’s estimates also suggest that real regular pay in the UK fell by 3.0 per cent, a record fall.
- NIESR’s wage tracker now predicts that average weekly earnings will grow at 6.1 per cent in the third quarter of this year.
- The unemployment rate held at 3.8 per cent in the second quarter, but there were signs of a slowdown in hiring as the number of job vacancies fell for the first time since August 2020.
- The labour market figures indicate that the weakening economy is leading to a slightly less tight labour market.
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