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Bonus Pay Sends Headline Earnings To High...>

UK DATA
UK DATA: Bonus Pay Sends Headline Earnings To 10-Year High        
--Aug-Oct Employment Level Up 79,000; Jobless Rate 4.1%   
--Aug-Oct Total Earnings +3.3% 3m y/y Vs + 3.1% Jul-Sep
--Aug-Oct Regular Earnings +3.3% 3m y/y Vs +3.2% Jul-Sep
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A surge in bonus payments helped lift nominal pay to a 10-year high in 
October. Total nominal wages rose by 3.3% 3m y/y in October, the highest 
since July 2008, driven partially by a 4.2% 3m y/y rise in bonus 
payments. On a single month basis, bonus pay was up 18.1% y/y in 
October, last higher in September 2017. Still, stripping out the effects 
of this, regular pay retained its strength. Ex-bonuses, wage growth rose 
3.3% 3m y/y in October, last higher in November 2008. Real total pay, 
discounted by CPIH, grew by 1.1% 3m y/y, the highest showing since 
December 2016. Vacancies, a more forward looking indicator of job 
demand, rose 10,000 on the quarter to 848,000.            

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