The latest data on unemployment rate in the UK show a fall in the official rate to 6.6% in the three months through April, down from the 6.8% recorded in the first quarter, and the lowest level in more than five years. That sounds good but at the same time, average weekly earnings rose just 0.7%, including bonuses, significantly lower than the pace of inflation. So the real income for the average British worker is still falling, as it has done since the Great Recession began in 2008, or for over six years. And for the last four years, the trend in pay rises has been down, not up.
UK pay and prices (yoy %)
The reason is clear: people in relatively better paid jobs in finance and in the public sector have lost their jobs and those getting jobs since have mainly done so in much lower paid sectors…
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