Student videos

The Wage Phillips Curve

  • Levels: AS, A Level, IB
  • Exam boards: AQA, Edexcel, OCR, IB, Eduqas, WJEC

Standard textbook economics suggests that, once unemployment falls below the natural rate, we expect to see a pick up in wage growth and labour cost pressures that might trigger accelerating inflation. New data from the Bank of England finds that wage growth has been weak relative to the unemployment rat. How much further can UK unemployment fall before the orthodox wage Phillips Curve re-emerges?

Unemployment rate and wage inflation in the UK economy
The Wage Phillips Curve

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