The decline in real incomes continues

New labour market data for the UK were released last week. The good news was that unemployment has fallen to 6%. The bad news is that people in work are, on average, still seeing their incomes overtaken by inflation. The chart below, from the Office for National Statistics, shows annual growth total pay, regular pay (ie excluding bonuses), and inflation since 2009 up to August this year (the inflation data is monthly, the wage data three month on three month).

ONS wages and prices to Aug 14











 


Stephen Beer, 19/10/2014

 
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