Thursday , January 20 2022

UK wage growth is rising while EU workers are falling at the fastest rate since 1997.


According to the latest labor market statistics released by the Office for National Statistics on Tuesday morning, the number of EU member states working in the UK fell at its fastest pace.

The number of EU member states working in the UK has dropped by 132,000 from a year ago, to a total of 2.25 million. It was the steepest decline since the NSO began tracking in 1997.

This fall was due to a decrease in the number of countries from the eight Eastern European and Central European countries joined in the 2004 block. During the third quarter, the number of workers in this country decreased by 154,000.

Meanwhile the pace of wage growth has accelerated slightly.

The general wage increase rate excluding bonuses increased from 3.1% in 3 months to 3.2% in the end of August. Total wage increases, including bonuses, rose from 2.6% to 3% in the previous announcement.

The unemployment rate, which is consistent with the predictions of urban economists, has risen slightly from 4% to 4.1% in the previous report.

Productivity, measured in hourly yields, fell 0.4% during the same period. Due to 0.6% increase in output and 1% increase per hour.

ONS senior statistician Matt Hughes said:

"The labor market has remained virtually unchanged in the last three months, but it was still stronger than last year.

"Real wages have risen significantly over the past few months due to rapid wage increases and inflationary pressures, but real wage growth is below the level of 2015, and real wages have not yet returned to 2008 levels.

"The recent increase in British – Americans' work and the decline in workers in so – called" A8 "Eastern European countries seem to be accelerating," he said.

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