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Telegraph: wages collapse at fastest rate in 60 years

tomterm8
tomterm8 Posts: 5,892 Forumite
Part of the Furniture Combo Breaker
in Debate House Prices & the Economy
The Office for National Statistics said average weekly earnings fell 5.8pc compared with the same month last year, to £459.10. The private sector took the full force of the fall in weekly earnings, down sharply by 7.7pc at £463.50, while average weekly earnings in the public sector actually rose by 3.2pc to £442.90.

http://www.telegraph.co.uk/finance/economics/5245729/UK-wages-collapse-at-fastest-rate-in-60-years.html
“The ideas of debtor and creditor as to what constitutes a good time never coincide.”
― P.G. Wodehouse, Love Among the Chickens
«1345678

Comments

  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Slaphead,Macaque and Tramp icon7.gif where are you ?
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • the_ash_and_the_oak
    the_ash_and_the_oak Posts: 1,636 Forumite
    w rents and interest payments falling dont really think wages falling in itself is such a bad thing imo - esp if cuts are made via wage amounts rather than redundancies. feeling its better to keep people in jobs as much as possible really
    Prefer girls to money
  • Nylontokyo
    Nylontokyo Posts: 50 Forumite
    the_ash_and_the_oak wrote: »
    w rents and interest payments falling dont really think wages falling in itself is such a bad thing imo - esp if cuts are made via wage amounts rather than redundancies. feeling its better to keep people in jobs as much as possible really


    Its all just part of everything going down together.

    Rents House prices wages Employment the pound, its all going down.

    You are right this is not a bad thing we need to get back down to start going up again.

    The sooner house prices get back to 3x earnings the soon recovery can begin.

    The last crash took up to 6 years from start to finish, we are now what 2 years in?

    I am thinking things will carry on going down for another few years yet then maybe some things will never go back up.

    The only thing going up is unemplyment.
  • tomstickland
    tomstickland Posts: 19,538 Forumite
    10,000 Posts Combo Breaker
    It's not good when there's inflation in the essentials like food, petrol and electricity.
    Happy chappy
  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
    Part of the Furniture Combo Breaker
    Nylontokyo wrote: »
    Its all just part of everything going down together.
    ummm, not quite everything
    Nylontokyo wrote: »
    The only thing going up is unemplyment.
    and public-sector pay..?
  • Mr_Mumble
    Mr_Mumble Posts: 1,758 Forumite
    ManAtHome wrote: »
    and public-sector pay..?
    and national debt to service that pay!
    "The state is the great fiction by which everybody seeks to live at the expense of everybody else." -- Frederic Bastiat, 1848.
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    A big part of that will be people who are losing highly paid jobs (bankers for example) and having to take much lower paid jobs.
  • carolt
    carolt Posts: 8,531 Forumite
    Astonishing that against this backdrop there are still misguided individuals who believe that this isn't going to have a knock-on effect on house prices; that despite wage falls of this magnitude prices are near bottoming out!

    Green shoots my !!!!.
  • Dan:_4
    Dan:_4 Posts: 3,795 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    carolt wrote: »
    Astonishing that against this backdrop there are still misguided individuals who believe that this isn't going to have a knock-on effect on house prices; that despite wage falls of this magnitude prices are near bottoming out!

    Green shoots my !!!!.

    Maybe not green shoots of recovery carolt, but I doubt prices are likely to fall much further.
  • lostinrates
    lostinrates Posts: 55,283 Forumite
    I've been Money Tipped!
    Dan: wrote: »
    Maybe not green shoots of recovery carolt, but I doubt prices are likely to fall much further.

    I am almost positive there is more bad news in industry/finance sector, if there is would you expect a knock on to things like HPs then?
This discussion has been closed.
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