Good unemployment figures but stagnant pay have been the story about each month’s jobs figures for a year now.
Author Archives: Richard Exell
In the last two years, the number in employment in London has gone up by 312,000 – much higher than any other region.
If we measure inflation by the Retail Price Index – far more commonly used than CPI in pay bargaining – real pay is still falling, writes Richard Exell.
Despite today’s welcome news on falling unemployment, pay and productivity are stagnating.
There are more jobs, but the pay is lower, your chances of being underemployed are higher, your risk of losing your job is higher, and if you do become unemployed your chances of getting a job are lower.
Today’s labour market statistics continue the story of recent months: rising employment and stagnating earnings.
This month’s labour market statistics continue the same pattern we have seen in recent months: small improvements in overall employment and unemployment but youth unemployment and long-term unemployment not going anywhere much.
Today’s employment figures include a couple of headlines the government will be grateful for and what seems like an improvement on the pay front. But when you look at the labour market from a slightly longer perspective, the picture is less brilliant.
Today’s figures (covering November to January) have people wondering if the labour market may be running out of road. The key figure in today’s release is for pay. Average weekly earnings for regular pay (3 month average) in January were just 1.2 per cent higher than they had been a year earlier – the fifth successive fall in the annual rate of increase.
Any government would be pleased with today’s labour market figures, but it is possible to claim too much for them, writes Richard Exell.