Workers are suffering the biggest slump in real pay since records began in 2001 as inflation continues to soar.
ONS director of economic statistics Darren Morgan said that whilst the number of people in employment had increased, the real value of pay had fallen faster than at any point in the last 20 years.
"The number of people in work grew in the second quarter of 2022, whilst the headline rates of unemployment and of people neither working nor looking for a job were little changed," he said.'Consumers won't pay a penny more': Keir Starmer reveals Labour's £29 billion emergency cost of living plan"Meanwhile, the total number of hours worked each week appears to have stabilised very slightly below pre-pandemic levels.
The ONS said there was a 4.1 per cent drop in regular pay for employees once CPI inflation is taken into account.Analysts had predicted that wages would increase by 4.5 per cent. It comes after CPI inflation hit a new 40-year record of 9.4 per cent in June and is expected to peak at around 11 per cent later this year.
The ONS said this resulted in a 3 per cent drop in regular pay for employees once inflation is taken into account, representing the biggest slump since records began in 2001.
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