The UK unemployment rate fell to 3.7% from 3.8% in the first quarter of 2022, the lowest since 1974, according to data released by the British Statistics Service on Tuesday, May 17. And quoted by Reuters.
For the first time, more jobs were available in the first quarter of this year than in the unemployed. However, rising prices saw the largest annual decline in real income since 2013.
Rising inflation in the United Kingdom – which reached 7% in March and is expected to reach 9.1% in April, according to the agency’s estimates – threatens to send the country into recession later this year. The Bank of England raises the unemployment rate to an all-time low.
Wage pressure to offset rising prices is also being explored by the British central bank – 9.9% in March and 7% in the first quarter – underscoring the fact that wage growth could trigger further inflation. Company.
The report shows that wage increases are most pronounced in industries such as bankers and construction workers, while those who feel the greatest impact of inflation are civil servants. However, in line with inflation, wages fell 2% from the same quarter a year earlier, the biggest drop since September 2013.
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