UK unemployment at 50-year low

Britons in Oxford Street in London in December 2021 (illustrative image).

AP - Frank Augstein

Text by: RFI Follow

1 min

Although the labor market is doing very well in the United Kingdom, it is not enough to counter the surge in inflation which is eating away at the rise in the wages of British employees. 

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The UK labor market has never been better.

Over the past three months, unemployment fell to 3.7% in March from 3.8% in February.

This is its lowest level since 1974. According to the national statistics office, there are currently more job vacancies than unemployed people, an unprecedented situation which caused the pound to jump on the market on Tuesday. changes. 

Conversely,

the picture is much darker on the compensation side.

Between January and March, by integrating payroll bonuses, wages increase by 7%, but in reality

the increase is only 1.4%.

As for base salaries, excluding bonuses, although they have increased by 4.2%, they are at the same time corrected by inflation.

Result, they lose 2% compared to the same period last year.

This is the biggest drop since July 2013.

In the United Kingdom, inflation could exceed 10% by the end of the year.

, from 1% currently to 3% next year. 

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• UK

• Economy

• Employment and Labor