Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK DATA
- Brightmine (previously XpertHR) median basic pay awards in the 3 months to the end of July fell to +4.5% - returning to the lowest level seen this year in March (vs a revised +5.0% in the prior rolling quarter - originally +4.9% Y/Y 3 month average),
- In particular, the interquartile range for pay deals has narrowed falling between 3.7% and 5.0% - compared to a range between 4% and 6% in the previous three consecutive rolling quarters.
- This data points to the renewal in the softening in wage growth relative to both the last few months and last year, in part due to falling inflation particularly services which fell from 5.7% Y/Y to 5.2% in July. Note that last week's official ONS private sector regular wages number came broadly in line with consensus at 5.2% 3M Y/Y (vs 5.6% prior) although marginally higher than the BOE's forecast of 5.1%.
- Also to note however, Brightmine found that public sector pay saw the median pay award on the 12 months to July 2024 reach 6.1% (vs 5% recorded in the private sector), following Chancellor Reeves recently approved 5.5% pay rise for public sector workers, which may pose an upside risk to wage growth in the coming months.
- Overall, whilst there is the consideration of upside pressure from public sector wages Brightmine notes "expectations remain that pay awards, in general, will continue to slow. A further decrease in pay settlements is predicted for 2025 compared to those seen in the previous two years."
- Data were collected between 1 May and 31 July 2024, based on a total of 48 pay settlements, representing 743,755 employees.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok