Wages fall sharply but unemployment rate dropson May 17, 2022 at 6:42 am

UK wages suffered a sharp fall between January and March but the market for jobs remained buoyant, according to new data.

The Office for National Statistics (ONS) said earnings, when adjusted for inflation, dropped by 1.2%.

At the same time, however, the unemployment rate fell to its lowest level in nearly 50 years while job vacancies hit a fresh high.

“There continued to be a mixed picture for the labour market,” said the ONS.