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Currency Market Update - 14th March 2023

Currency Market UpdateWorkers across the UK are getting less money in their pockets at the end of every month as regular pay in real terms fell by 2.4% in November to January, according to the Office for National Statistics (ONS).

The rate of UK unemployment stayed at 3.7% — the same as in the previous three-month period — and only a slight increase from a low not seen since 1974, the ONS said.

Regular pay excluding bonuses grew by 6.5% in November to January. Private sector workers saw a pay lift of 7% on average, while the public sector was at 4.8%. This was the highest growth for the public sector since early 2006.

Growth in average total pay (including bonuses) was 5.7% but that still isn’t enough to prevent a loss in real terms as the UK’s rate of inflation stands at 10.1%.

This means that prices are rising fast than any pay, squeezing UK households’ incomes.

The number of job vacancies in the UK fell for the eighth month in a row between December and February to 1.1 million, official figures indicated.

The figures come a day ahead of Wednesday's budget when chancellor Jeremy Hunt is expected to set out plans to encourage people back into work.



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