Alongside one of the largest falls in real pay, latest ONS figures also highlight the greatest difference in private and public sector wage growth on record
Wages in the UK fell by 2.7 per cent – among the largest dips in growth since comparable records began in 2001 – while vacancies declined by 65,000 on the quarter, official data has shown.
Figures from the Office for National Statistics’ (ONS) Labour market overview for December 2022 revealed the drop was slightly smaller than the largest fall in real pay on record, which saw wages decrease 3 per cent from April to June 2022.
The data also showed average regular pay growth for the private sector was 6.9 per cent in August to October 2022, compared to 2.7 per cent for the public sector – the largest growth rate and difference on record.
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Meanwhile, between September and November, despite five consecutive falls, the number of vacancies was still at a “historical high” of 1,187,000. The report said this continued decline was reflective of “uncertainty” across industries as respondents continued to cite ‘economic pressures’ as a reason for holding back on recruitment.
Jonathan Boys, labour market economist at the CIPD, said the fall in vacancies suggested employers were “tapping the brakes on hiring, but are a long way...
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