MILLIONS of workers are facing a cut to pay as inflation eats into household earnings.
New figures released today by the Office for National Statistics (ONS) show that regular pay in real terms fell by 2.7%.
This is slightly smaller than the record fall in real regular pay we saw in April to June 2022 (3.0%), but remains among the largest falls in growth since comparable records began in 2001.
Not taking into account inflation this is a rise of 5.7%.
Prices are rising at a faster rate than pay, which means people’s incomes are squeezed.
Growth in average total pay, including bonuses, was 6%.
Wages grew by 5.7% in July to September, not including bonuses.
This is the strongest growth in regular pay seen outside of the coronavirus pandemic period.
Meanwhile, the unemployment rate rose to 3.6% in the three months to September, up from 3.5% in the previous three months.
Darren Morgan Head of Labour and Economic Statistics. ONS said: “The proportion of people neither working nor looking for work has risen again.
“August and September saw well over half a million working days lost to strikes, the highest two-month total in more than a decade, with the vast majority coming from the transport and communications sectors.
“Job vacancies continue to fall back from their recent peak, with increasing numbers of employers now telling us that economic pressures are a factor in their decision to hold back on recruitment.”