The April employment report came in stronger than expected as the number of benefit claimants fell by close to 60k while wages rose although adjusted for inflation disposable incomes are being hit hard.

As consumer prices continue to rise, the headline rate that will be released later this morning is expected to climb above 90%, businesses are being hit by slowing sales and increased costs.

The unemployment rate is at its lowest since 1974 at 3.7%. Basic wages grew by 4.2% and when bonuses are included that figure jumps to 7%.

The Government is certain to jump on this data briefly, concluding that jobs remain plentiful. However, today's inflation data will take the shine off economic performance.

There are fewer people in work than before the Pandemic, and costs are rising appreciably faster than pay.

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