Unemployment rises in Scotland as United Kingdom figure falls

UK wages continue to lag inflation despite low unemployment

UK wages continue to lag inflation despite low unemployment

United Kingdom inflation increased in September to the highest since early 2012, data from the Office for National Statistics showed Tuesday.

While the labour market data continues to show positive signs, average weekly earnings for employees in real terms (adjusted for inflation, excluding bonuses) fell by 0.4% (0.3% including bonuses).

United Kingdom unemployment fell by 52,000 in the three months to August to 1.4 million, leaving the jobless rate unchanged at 4.3% from the previous quarter.

The employment rate was 75.1%, up from 74.5% a year earlier, while the total number of unemployed people was 215,000 fewer than at the same time last year.

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Meanwhile, unemployment stayed at 4.3 per cent in the three months to August, the joint-lowest since 1975.

"Total earnings in cash terms grew slower than prices over the a year ago, meaning their real value continues to fall, down 0.3 per cent over that period", Hughes added.

The combination of rising inflation and stagnating wage growth meant that real wages fell by 0.3 percent.

"Our economy is helping to create full time, permanent jobs which are giving people across the United Kingdom the chance of securing a reliable income", said Minister for Employment, Damian Hinds. "That's great progress and we're determined to help more people flourish in the world of work".

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Britain's Consumer Prices Index (CPI) 12-month inflation rate hit 3.0 per cent last month - the highest level for more than five years - as the Brexit-hit pound ramped up the cost of imported goods, the ONS revealed yesterday. However, the claimant count rose by more than 1,700 to 804,100 in September, compared with a fall the month before.

She said given the low wages and high inflation, we need our savings to work even harder in order to generate an inflation-beating return.

"However, the prospect of raising interest rates when real wages are in negative territory will make this potential hike a tricky one.to justify".

"Scotland has higher employment rates and lower unemployment rates than the United Kingdom with 91,000 more people in employment compared to the pre-recession peak".

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"Accordingly, we doubt that August's uptick in wages is the start of a stronger trend, but it might be the last straw for some members of the MPC itching to raise rates".

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