Jobless figures continue to fall but wages falter

Jobless figures continue to fall but wages falter

Figures released by the Office of National Statistics (ONS) last week show in June there were 1,615 claiming some form of jobless benefit in Tunbridge Wells, down from 1,665 from the previous month.

The figures come more than two years since unemployment peaked to more than 2,325 claimants during the pandemic, up from just 1,130 before Covid hit.

But the falling unemployment rate is being marred by plunging wage rates.

The ONS said last week that regular wages excluding bonuses plunged by 3.7 per cent over the three months to May against the rate of consumer price index (CPI) inflation, representing the biggest slump in more than 20 years.

There are still major staff shortages in industries such as hospitality, the ONS added.

Nationally, the statistical body reported 1,294,000 job vacancies over the three months to June, representing a 6,900 rise on the previous quarter.

ONS head of labour market and household statistics David Freeman said: “Today’s figures continue to suggest a mixed picture for the labour market. “The number of people in employment remains below pre-pandemic levels and, while the number of people neither working nor looking for a job is now falling, it remains well up on where it was before Covid-19 struck.

“With demand for labour clearly still very high, unemployment fell again, employment rose and there was another record low for redundancies.

“Following recent increases in inflation, pay is now clearly falling in real terms, both including and excluding bonuses.”

Share this article

Recommended articles

Search

Please enter a search term below.

Subscribe To Our Newsletter