Economy

United Kingdom wages continue to lag inflation despite low unemployment

Brooks added the BoE was facing the hard conditions: "Hike rates because inflation is high and unemployment is low, however, if you hike rates now you could put extra pressure on the consumer and a sharp break on the economy as we move into the end of the year".

"The interest swaps market is expecting an 80 per cent chance of a rate rise next month", she said. This leaves the jobless rate unchanged at 4.3%.

Commenting on those figures, senior ONS statistician Matt Hughes said: "Many labour market measures continue to strengthen".

The UK now has an unemployment rate of 4.3 per cent, the joint lowest since 1975.

Specifically, there were 94,000 additional people in employment compared with the three months to May 2017, with women making up 78,000 of the total.

Unemployment drops! A record low rate!

Once upon a time, these were all big headlines. The figure was 317,000 higher than in the corresponding period previous year but lower than analysts' expectations for a 148,000 gain.

"A rise in interest rates will place great strain on this affordability - despite the fact they will still be at an unprecedented low". The average residential property price is now £11,000 more expensive than in August previous year.

We won't have to wait long to find out who's right.

LONDON (AP) - Official figures show that household incomes in Britain continue to be squeezed even though the country's unemployment rate remains at its lowest level in 42 years.

"While the overall increase in employment is welcome, it's also clear from today's figures that too many people are struggling to find employment due to their age, ethnicity, disability, or where they live".

TUC general secretary Frances O'Grady said: 'Pay packets are taking a hammering.

'This means ditching the artificial pay restrictions on nurses, midwives and other public sector workers and investing in jobs that people can live on'. "And investing in jobs that people can live on".



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