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MNI BRIEF: UK Total Earnings Growth At Near 4-Year Low

Although still at uncomfortable levels for the BOE, earnings growth continues to slow.
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MNI (LONDON) - UK average earnings growth slowd in the three months to August, the Office for National Statistics said Tuesday, offering further solace for the Bank of England even if overall increases remain higher than policymakers would like.

Annual growth in employees' average regular earnings (ex-bonuses) was 4.9% in June to August, the lowest rate since the three months to June 2022. Total earnings (including bonuses) was 3.8%, the lowest since Nov 2020 (3.7%). This total annual growth is affected by the NHS and civil service one-off payments made in June, July and August 2023, the ONS noted.

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MNI (LONDON) - UK average earnings growth slowd in the three months to August, the Office for National Statistics said Tuesday, offering further solace for the Bank of England even if overall increases remain higher than policymakers would like.

Annual growth in employees' average regular earnings (ex-bonuses) was 4.9% in June to August, the lowest rate since the three months to June 2022. Total earnings (including bonuses) was 3.8%, the lowest since Nov 2020 (3.7%). This total annual growth is affected by the NHS and civil service one-off payments made in June, July and August 2023, the ONS noted.

Keep reading...Show less