Starting salaries are growing at the fastest pace on record Business

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The latest REC and KPMG survey found starting salaries rose last month at the fastest pace since records began in October 1997.

The rise in wages reflects both huge employer demand and the impact of soaring prices, with companies raising wages for all staff to offset the fastest inflation in three decades.

Companies in sectors from IT to hospitality are struggling to fill job vacancies, citing low unemployment, declining numbers of European workers and uncertainty surrounding the war in Ukraine, which has caused reluctance to many employees to change jobs.

While big pay rises would generally be good news for workers, soaring energy prices and inflation mean most will still suffer a sharp drop in living standards.

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What happened overnight

Asian markets ended Friday limping after a difficult week dominated by the hawkish tone of the Federal Reserve which implemented an aggressive tightening of monetary policy, while oil drifted after another series of losses.

The region struggled to seize the lead on Wall Street, which recovered from steep intraday losses to end on a high note, after plunging in previous sessions as traders worried about the rate outlook higher interest.

Tokyo, Hong Kong, Shanghai, Seoul, Singapore, Bangkok and Wellington were in the red, while Sydney, Taipei, Manila and Jakarta rose slightly.

coming today

• Business : CMC Markets, Ferrexpo (commercial update)
• Economy: No major events planned