Pay squeeze is over!
UK wages outpace inflation for the first time in just over a year after inflation dipped to 2.7 per cent in February, according to latest figures from the Office for National Statistics.
ONS also showed that wages were up 2.8 per cent in the three months to February, compared to the same time last year. Meanwhile, unemployment was at 4.2 per cent— the lowest since 1975.
“The labour market continues to be strong, and for the first time in almost a year, earnings have grown slightly after inflation has been taken into account,” said Matt Hughes at the ONS.
“Employment rose again in the three months to February, to reach its highest ever rate since records began. The unemployment rate fell, too, and is at its lowest since 1975.”