The number of workers employed in the UK rose by 71,000 between July and August to 29.7 million, the Statistics Office reported.
Unemployment is currently at its lowest level from May to July 1974.
However, British workers saw their wages dropped from sky-high inflation despite another sharp increase in wages as the cost of living crisis hit hard, figures show.
The Bureau of Statistics (ONS) said regular wages, excluding bonuses, rose 5.2 percent in the three months to July, but after adjusting for CPI inflation, real wages fell 3.9 percent year on year – year, according to ONS.
This is based on the latest data showing the UK economy grew slower than expected in July as labor shortages and rising costs weighed on activity in the face of heightened recession risks.
The Statistical Office reported that gross domestic product (GDP) rose by 0.2 percent in July, following a sharp decline of 0.6 percent. in June, when an additional holiday to celebrate the queen’s platinum jubilee led to a decline in activity.
City economists forecasted a 0.4 percent stronger one. recovery after decline a month earlier. Reflecting the weakness of the economy, GDP growth remained stable in the three months leading up to July, with the collapse in the dominant UK service sector being offset by increased activity in industrial production and construction.
Retailers compete for employees as well as competing sectors such as hospitality, said Linda Ellett, KPMG’s head of Consumer Markets, Retail and Entertainment.
“They’re people in stores, people in warehouses and logistics – they are no longer seen as attractive roles,” said Ellett. At the same time, retailers “are concerned about seasonal workers, especially in the supply chain,” she added. About two weeks ago, John Lewis said he would recruit 10,000 vacation workers by offering workers free meals during this period to help with rising living costs.
“If products such as food and hygiene products are available, these are savings for employees to make, so it’s a creative way to make a job more attractive that costs the retailer less than paying employees more money,” said Ellett.
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