UK unemployment labor market bucked tepid economic surge during the second quarter because the unemployment rate suddenly went down to its lowest value since 1975, as official data revealed on Wednesday.
The unemployment rate for the three months to the end of June went down to 4.4%, versus the average prediction for it to keep to 4.5% in a Reuters survey of financial experts.
However, the figures on wage surge demonstrated the challenge facing Prime Minister Theresa May as well as her government, with households feeling the strain of ascending prices since the previous year’s Brexit vote.
While inflation has declined modestly since May when it reached a nearly four-year peak of 2.9%, prices are still going up faster than wages.
The Office for National Statistics told that workers’ total earnings with bonuses grew by an annual 2.1% for the three months to June, versus 1.9% by May. However, it was spurred by bonus payments in the financial sector.
