The purchasing power of British households has fallen to the lowest level in 21 years, and wage growth has not kept pace with the fastest inflation in decades, Bloomberg reported June 14.
Price-adjusted, the average real labor income, excluding bonuses, was 3.4% lower in April 2022 than a year earlier, the biggest drop since 2001, the National Statistics Office said on June 14. The average decline over the three months from February to April was 2.2%, the highest since 2011.
The data suggests that the minimum unemployment rate in the country did not benefit the majority of workers. Wages rose 4.1% in April, about half the rate of inflation. In terms of bonuses and bonuses, growth has been more encouraging, but uneven.
“Our labor market remains healthy, layoffs are at an all-time lowsaid…