Jobs market resilience hailed despite wages fall in real terms

Wages have fallen in real terms over the past year, costing workers more than £1,000 on average, a new study reveals.

Pay has been hit by rising inflation, with advertised salaries falling in half of UK cities, especially in the Midlands, said jobs site Adzuna.

Pay for graduates has fallen by more than 4%, to £23,600, over the past year, the research found.

Total advertised salaries fell by 2.4% to £32,600 in July, compared with the same month in 2015.

Alongside the “widespread stagnation” in wages, there has been an increase in the number of lower-paid and contract jobs advertised by employers as they hire temporary rather than full time staff, said Adzuna.

The number of jobs advertised continues to increase, reaching 1.1 million in July, a rise of 26,000 on a year ago.

The biggest fall in advertised salaries has been in the North East, Scotland and London, said the report.

Doug Monro of Adzuna said: “After the shock of Brexit, a new Prime Minister and lower interest rates, rising inflation has now entered the ring.

“The resilience of the jobs market can’t be forgotten. Vacancies are rising and hiring overall seems to be back on track.”

“Vacancies are rising. DOUG MONRO OF JOBS SITE ADZUNA