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  • Writer's pictureEdgar Rayo

Finanze Business Daily Digest - 15/11/2022

The Brief: The UK unemployment rate climbed to 3.6% in the third quarter, up by 1 percentage point from a month ago, according to the Office for National Statistics (ONS). On the other hand, total pay, which includes bonuses, increased by +6% in the same period, while regular pay jumped by +5.7%.

Why It Matters: The ONS announced that even though wages have grown, it still lags inflation with average pay including bonuses falling by -2.6% on average, and excluding bonuses by -2.7% when adjusted for inflation. Soaring inflation has pushed down real pay growth rates, it added.

Finanze Business Foresights: Come winter, we’re expecting the economy to further slow down and the gap between real wages and inflation to widen. Moreover, businesses will continue to be challenged by worker shortage as a result of Brexit and a rising number of employees’ choosing not to return to the job market based on ONS data. The uncertainty in the jobs market will continue as companies are squeezed even more by higher operating costs due to inflation, forcing more to cut back on hiring for a fifth consecutive quarter. Thursday’s budget announcement should be more than just austerity measures, but must also focus on getting enterprises back on their feet.


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