Latest jobs and pay data shows UK economy is in “the danger zone”
- Unemployment up by 240,000 over last year
- Real wages still falling for many
- Government’s lack of a credible economic plan is “costing the country dear”
Commenting on today’s (Tuesday) labour market figures TUC General Secretary Paul Nowak said:
“Today’s pay and jobs figures show the UK economy is in the danger zone.
“Unemployment is up by nearly a quarter of a million over the last year.
“And while average pay has finally inched above inflation, real wages still falling across the public sector, retail, hospitality and construction.
“If pay packets had been growing at pre-crisis levels, workers would be on average £14,700 better off.
“It’s little surprise that families are worried sick about paying their bills and keeping their jobs.
“The government is in denial. The Tories’ lack of a credible economic plan is costing the country dear.”
New analysis by the TUC (using CPI) shows wages are still lower than they were in 2008 in many sectors:
- Real pay growth across the year is flat across all employees (0.0%), but is still falling in the public sector (-1.1%)
- Real pay remains 2.9% (£18 per week) lower than it was at the start of 2008
- The only sector that has seen real pay growth since 2008 is finance and business (+2.8%, £55 per week). Across all other sectors, real pay is lower now than it was in 2008.
