Employment increases but annual wage growth sees biggest fall in a decade

Annual wage growth falls 2.2%

UK employment increased by 0.2% over February to April to 75.6%, with full-time employees increasing over the period to a record high.

However, employment still remains below its pre-pandemic figures, according to the Office for National Statistics most recent labour force survey. Although the rate of growth in job vacancies continues to slow, figures for March to May still reached a new record of 1.3m. Unemployment decreased over the quarter to 3.8%. Meanwhile, growth in the average total pay for employees reached 6.8% for the period of February to April 2022, this equated to 0.4% in real terms. UK economy experiences shock contraction in April However, annual growth in regular pay, which excludes bonuses, fe...