UK workers spending more time on the job, but wage rises are slowing

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On the production line: UK workers are working longer , but not necessary feeling it in their pay packets
On the production line: UK workers are working longer , but not necessary feeling it in their pay packets

UK workers collectively spent more than a billion hours of their lives between August and October at work, new figures from the Office of National Statistics prove. These figures mean, that despite UK productivity paling in comparison with other leading economic powers, UK employees are currently working more hours than ever before.

The ONS numbers state that the employment rate hit 73.9 percent during the period of August to October 2015. This is the highest recorded figure since records began in 1971. At the same time unemployment fell to 5.2 percent, its lowest since the three months to January 2006, before the economic collapse.

Although wages are still continuing to grow, they are not growing as quickly as had been predicted. This suggests that 2016 will not be a year of rocketing pay packets, as some had predicted. Wage growth hit 2.4 percent during the considered August to October period. Despite the on-going economic recovery these figures by no means match previous post-financial crisis highs.

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