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Work Foundation - Unemployment at record low, but real wages fall 2.8% on the year

Ben Harrison, Director of the Work Foundation responds to the Labour market overview September 2022 released by the Office for National Statistics

“Today’s figures are a reminder that the Government’s Energy Price Guarantee alone won’t end the cost of living crisis. Real wages are 2.8% lower on the year, and we are seeing a significantly widening gap between regular private sector pay growth (6.0%) and that in the public sector (2.0%).

“And although today’s data suggests unemployment is now at a record low at 3.6%, there will be anxiety for those workers in industries vulnerable to soaring energy prices as the six-month employer support package fails to provide longer term security. It is vital that when the Chancellor delivers his Budget in the coming weeks he provides more clarity on how these sectors can be supported, and how the Government intends to restore the UK economy to growth.”

Original article link: https://www.lancaster.ac.uk/work-foundation/news/unemployment-at-record-low-but-real-wages-fall-28-on-the-year

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