U.K. Pay Falls Despite Lowest Unemployment Since 1975
- Pay adjusted for inflation drops 0.5% between March and May
- Unemployment falls to 4.5% as economy creates 175,000 jobs
U.K. Real Wages Fall, Unemployment Hits 42-Year Low
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British consumers are continuing to see their spending power eroded by feeble wage increases and the rising cost of living, despite unemployment falling to a 42-year low.
Regular earnings rose 2 percent in the three months through May from a year earlier, up slightly from April but well behind the rate of inflation, the Office for National Statistics said. As a result, real pay fell by 0.5 percent.