Recent UK labour market data indicate a cooling jobs market as wage growth slows, with average regular earnings rising by only 5.6% in early 2025. This decline in growth rate is evident across various sectors, especially in retail and hospitality. Despite this slowdown, real wages continue to outpace inflation, with a reported 2.6% annual increase when adjusted for price changes. However, a decrease in the number of employed individuals raises concerns, as firms navigate increased minimum wages and national insurance contributions.
The latest data reveals a slowdown in wage growth across the UK, with average regular earnings rising by just 5.6% in January to March 2025, down from 5.9%.
Minister for Employment Alison McGovern stated that real wages are growing, and initiatives like the Get Britain Working plan have contributed to 200,000 new jobs since its implementation.
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