Deloitte’s chief economist: job-rich recovery needs wage boost

Commenting on the latest labour market statistics, published this morning by the Office for National Statistics, Ian Stewart, chief economist at Deloitte, the business advisory firm, said:

“Job creation has been the standout success for the UK economy since the recession. Record employment, tumbling unemployment rates and soaring vacancies testify to a job-rich recovery.

“But the missing link is strong and sustained wage growth. With inflation likely to edge higher this year, earnings need to bounce back to maintain consumer spending power and the momentum of growth.”

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