British workers are benefiting from a raise for the first time in a year, as the average wage growth overcomes the effect of Brexit on inflation.
The Office for National Statistics has revealed an end to the falling living standards of the last 12 months with pay rising above inflation for the first time since January 2017.
Over the past three months weekly earnings increased on average by 2.8% in a comparison to the same period a year ago. Meanwhile, inflation has continued to fall in, with the consumer price index dipping to 2.7% in February as the value of the pound begins to pick up again following the EU referendum.
In the same period, the rate of unemployment in the UK has dipped to its lowest rate since 1975, falling from 4.3% to 4.2%, with 55,000 more people employed that in the previous period.
Rob Shaw, Director at Glu Recruit said: “It’s great to see the labour market bouncing back, with the lowest unemployment levels since the 70’s.
“While it may be too soon to tell what real benefits this will have for the UK workforce, with interest rates likely to increase, these figures provide employees and employers alike with real optimism.”