Revealed: More Brits in work, and wages are at three-year high
It seems like all economic news is always bad.
But today two pieces of good news relating to the UK economy were released, concerning record-numbers in work, and wages.
In the three months to February, wages rose by 2.8%, lagging behind inflation at 2.9%. However, the Office for National Statistics said when wages are compared with their new measure of inflation, including housing costs (CPIH), average weekly earnings rose by 0.2% year-on-year.
More stellar economic news for the UK from the @ONS this morning:
👨🔧 Unemployment down to 4.2%: the lowest since 1975
💷 Average wages rising faster than inflation and 2.5 times as fast as rent
📉 Budget deficit for 2017 down to 1.9% of GDP: the lowest since 2001
— Oliver Cooper (@OliverCooper) 17 April 2018
Meanwhile, unemployment in the period fell by 16,000 to 1.42 million – the rate of 4.2% is the lowest since the three months to May 1975.
The number of people in work has reached a record high of 32.2 million.
— Bloomberg (@business) 17 April 2018