Millions of workers face pay cut as wages fall 2.7%
Wages grew by 5.7% in July to September, not including bonuses.It's a pay cut in real terms as wages are going up, and they don't match the rate of inflation - which means people are effectivelyThis is the strongest growth in regular pay seen outside of the coronavirus pandemic period.
Meanwhile, the unemployment rate rose to 3.6% in the three months to September, up from 3.5% from June to August. Darren Morgan, head of labour and economic statistics at the ONS, said: "The proportion of people neither working nor looking for work has risen again. “August and September saw well over half a million working days lost to strikes, the highest two-month total in more than a decade, with the vast majority coming from the transport and communications sectors.
“Job vacancies continue to fall back from their recent peak, with increasing numbers of employers now telling us that economic pressures are a factor in their decision to hold back on recruitment.”
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