UK employment hit, inflation eats into wages -Breaking
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© Reuters. FILEPHOTO: As the coronavirus (COVID-19), continues to spread, people walk by a Jobcentre Plus branch in Hackney. REUTERS/John SibleyLONDON (Reuters] – The number of workers in Britain fell in the third quarter of 2021 after the Omicron COVID-19 waves swept Europe. Inflation adjusted, British workers saw their incomes shrink, according to official data.
The October-to December period saw 38,000 fewer jobs than usual, which was the largest drop since February 2012 when Britain was in a severe coronavirus lockdown.
According to the Office for National Statistics, regular earnings decreased by 0.8% using statisticsians’ CPIH inflation measure. This was in December.
This was the first time that regular earnings fell when they were adjusted for inflation by the CPIH since July 2020, even though the CPI inflation measure is more commonly followed.
The unemployment rate in Britain was 4.1% for the three-months to December, according to most polled economists by Reuters.
In January, the number of employees on payrolls of businesses increased by 108,000. This is a slowdown from December’s 131,000 increase. The original 184,000 reading was replaced with a revised 128,000.
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