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The UK has had a record jump in the number of people leaving the labour market in the three months to August, with the number of people not looking for work due to long-term illness also hitting a new high, according to the latest labour data..
Newly released figures from the Office for National Statistics (ONS) show that the unemployment jobless rate fell to 3.5% in the three months to August. Regular pay continues to grow at high nominal rates such as 5.4% for the whole economy in the year to June-August.
However, once inflation is considered this turns negative to -2.9%, a real terms fall in pay. In addition to recruitment challenges, helping employees with the cost of living will be one of the biggest crises facing businesses this winter. Some employees are being squeezed harder than others. Regular pay in the private sector grew 6.2% compared to just 2.2% in the public sector. This is one of the largest differences ever recorded between the two and will only make recruitment and retention more difficult for public sector employers.
Skills Over Titles: The New Shape of UK Employment
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