UK advertised salaries slump to lowest level since 2014 but graduate incomes are up

 
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Wage growth has gone up in smoke (Source: Getty)

The average advertised salary for jobs in the UK hit its lowest level for more than three years in July.

The average offered wage of £32,199 a year marked the lowest since April 2014, according to jobs listing site Adzuna.co.uk.

Pay levels declined 1.5 per cent on the year, down from an average of £32,688 last year.

Squeezed workers are now contending with a cost of living which outstrips wage growth as inflation ticks up.

Advertised salaries in the South East of England fell 3.3 per cent behind last year's figure, making the region the slowest-growing. Northern Ireland wages grew 2.3 per cent on the year.

But Doug Monro, co-founder of Adzuna, said the UK was in for a windfall after a group of economists said leaving EU will add £135bn to the British economy.

"While the current climate is slightly gloomy, looking ahead will help maintain optimism as the UK could be on the verge of economic prosperity if the appropriate Brexit strategy is implemented, in which case it will be brighter later," he said.

The picture was already looking cheerier for students and recent graduates in the latest job report, as graduate salaries grew 3.6 per cent to an average of £24,454.

Southampton was also crowned the best place to get a job. Competition is low, with the number of jobseekers per vacancy at 0.12 in July.

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And there was more good news in the hospitality sector, where the number of vacancies jumped 16.2 per cent since the start of the year to cater for summer.

This summer has proved to be a blockbuster time for new jobs, with openings up more than a fifth since the same time last year.

Monro put the increase down to more Brits choosing to go on staycations in the UK.

“More of us are swapping the Mediterranean for Margate and choosing to holiday closer to home, and as a result the hospitality industry is thriving," he said.

“The hospitality sector is a prime example of the importance of a clear-cut pro-migration strategy in order for the UK labour market to thrive," he added. "The skilled labour force from the EU has contributed and enhanced our talent pool in the UK to deliver good customer service. In busy time periods especially, it is evident to see the fruits of their labour as people of all ages rely on such services during their leisure time.”

Read more: The immigration policies we need won’t come from Brexit

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