The Office for National Statistics has shown that the number of people in work fell by 56,000 in the three months to October.
The percentage of people in work has risen over the last five years, with occasional downward spikes proving temporary. Opinion is divided as to what these figures mean for jobs growth. An economist from the Resolution Foundation suggested that the jobs boom “may have finally reached the end of the road”. Whereas an economist for Capital Economics demonstrated that “All of the hiring surveys that we track point to annual employment growth accelerating significantly”.
Despite a slight increase in total pay growth in cash terms, what cannot be disputed is that average earnings have fall in real terms.
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