Unemployment falls to 4.1%, close to its level before the Covid pandemic
- UK faces a pay squeeze – and higher interest rates look likely
Pay for workers in Britain has fallen in real terms for the first time in more than a year, despite signs that employers shrugged off concerns over the Omicron coronavirus variant to continue hiring in December.
Average wages, after taking account of inflation, dropped in November for the first time since July 2020 amid growing concerns over the hit to living standards this year from high inflation and surging energy bills.
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