Average earnings of UK workers are now no higher than they were in February 2006, official figures revealThe lowest levels of unemployment since the mid-70s are still failing to boost the bargaining power of workers in the UK, as official figures show a sixth month of negative real earnings. When taking account of inflation, the ONS said real wages fell by 0.4% on the previous year, despite the unemployment rate remaining steady at 4.3% – the joint lowest level since 1975. The figures will perplex the Bank of England as it prepares for the first interest rate hike in a decade from as early as next month. The total number of people employed full-time increased by 25,000 to 23.56 million, while the number of workers on part-time contracts rose by 69,000 to 8.55 million. Employment growth in the latest three-month period was driven mainly by women, with a corresponding drop in inactivity.

Source: The Guardian October 18, 2017 10:17 UTC