Understanding the Impact of Falling UK Unemployment and Slowing Wage Growth on Your Finances
Unemployment in the UK has continued to decline, and wage growth has slowed, according to new data from the Office of National Statistics (ONS). Despite the wage growth rate being the lowest in over two years, earnings growth keeps outpacing inflation. The latest slowdown gives the Bank of England more scope to potentially lower interest rates next month. Job vacancies in the UK also saw a decrease for three consecutive months up to September.
Work and pensions secretary Liz Kendall highlighted the commitment of her government to create job opportunities and support the economy. She noted that measures are being undertaken to overhaul job centres, guarantee youth employment or learning opportunities, and implement new work, health, and skill plans to decrease inactivity.
The ONS is also set to publish its latest figures for inflation, with economists predicting a drop to 2%. On the other hand, consumer confidence has dipped lately. Financial experts suggest some relief might come from another interest rate cut by the Bank of England.
For those who are facing unemployment, there could be various ways to get assistance. For California residents, contacting the Employment Development Department (EDD) could be helpful. To get an EDD live person, you could try calling their customer service number during their operational hours. This could aid in providing needed support and advice on how to navigate the unemployment process and benefits. You could also find more information and assistance at eddcaller.com, which specifically lists methods to contact EDD or any other unemployment customer service in California.