According to latest government data, British workers wage levels are at the highest they have been in a decade.
The Office for National Statistics, UK’s national body for collecting data, found that on average wages have gone up by 3.3 per cent, the highest wage level in a decade.
The current wage levels are the highest since November 2008, and continues to outpace inflation (which currently stands at 2.4 per cent). This is good news for most people, as it means you are overall making more, and your money is losing less value.
Here are some of the highlights of the ONS findings:
- The average earnings for this period is based on a year to this October
- Average earnings have risen from 3.1 per cent to 3.3 per cent the previous month
- The current earning levels are the highest since November 2008
- Average weekly earnings have increased from £479 to £495. This translates to an annual rise from £24,908 to £25,740.
- The number of people in work has also increased, by 79,000 since last year.
- Currently 32.4 million people are in employment, which is the highest since the data started being collected in 1971.
- The jobless rate stands at 4.1 per cent, which is 0.2 per cent less than it was last year.
- Unemployment rate has also gone up since last year, by 20,000 to 1.38 million.
- The total number of unemployed is still lower than last year, by 49,000 (i.e. in totality last year there were 49,000 more people who were unemployed).
Current wage levels are the highest in a decade
Both Employment and Unemployment Up?
You might be wondering how the employment rate has increase while more people are out of work.
This is because of a rise in population, as well as fewer people being classified at ‘economically inactive’ (namely people on long term sick leave, students, and people who have given up looking for work).
Of course these figures are not as straight forward as they seem. There are quite a few variables that are unaccounted for (like the above, as well as factors like invisible unemployment and employment, benefit cuts, etc).
But overall, these numbers do paint a positive picture for the British economy, and workers.
More people have jobs.
And people are earning more, on average.
These are definitely positive signs for the economy, and hopefully a trend that will continue.
That said, how things will work out next year, when Brexit is scheduled to go through, only time will tell.
For now though, we hope you have seen an increase in your income.
Even more reason to celebrate this Christmas. But do celebrate responsibly – don’t go splurging on things when you don’t need or can’t afford to splurge on.
A stitch in time saves nine…
Be sensible, and have a great Christmas!
Btw, if you need some movie recommendations to watch during your holidays, we’ve got you covered. Check these out: 10 Top Movies To Check Out This Christmas
Have you seen an increase in your income since last year?
Share your thoughts in the comments.
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