Britain unemployment remains at 42-year low

Vastavam web: Britain’s unemployment remains at a 42-year low but wage growth is failing to keep pace with surging inflation, official data showed today.The unemployment rate stood at 4.3 per cent in the quarter to the end of August, unchanged from the three months to July, the Office for National Statistics (ONS) said in a statement.Average weekly earnings rose by 2.2 per cent year-on-year in the three-month period to August, unchanged from last time around.

Britain’s Consumer Prices Index (CPI) 12-month inflation rate hit 3.0 per cent last month the highest level for more than five years — as the Brexit-hit pound ramped up the cost of imported goods, the ONS revealed yesterday.”Many labour market measures continue to strengthen,” said ONS statistician Matt Hughes in reference to the data release on Wednesday.”On the other hand, total earnings in cash terms grew slower than prices over the last year, meaning the real value continues to fall.”