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UK Employment Falls by 38,000 as Inflation Shrinks Wages

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UK sterling money pounds in the hand

The total number of people in work in the United Kingdom shrank in the last quarter of 2021 as the Omicron Covid-19 wave swept Europe.

Source: Office for National Statistics

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UK employment fell by 38,000 in the three months from October to December. That was the biggest drop since the three months to February last year.

Regular earnings dropped by 0.8% in real terms using the preferred CPIH inflation measure in the three months to December. That was the first time regular earnings dropped when adjusted for the CPIH measure of inflation.

Britain’s unemployment rate for the three months ending in December stood at 4.1%, as expected by most economists polled by Reuters.

The number of workers on businesses’ payrolls in January expanded by 108,000, slowing from December’s increase of 131,000, which was revised down from the original figure of 184,000.

 

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