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.
MNI (LONDON) - UK wage increases continued to slow in the three months to July, with total average weekly earnings seeing the lowest growth rate since November 2020.
According to the ONS, total earnings rose by 4.0% y/y in July, down from 4.6% in the three months to June. Earnings ex-bonuses rose 5.1% y/y, down from 5.4% in the preceeding period. “Growth in total pay has slowed markedly again as one-off payments made to many public sector workers in June and July last year continue to affect the figures. Basic pay growth also continued to slow, though less sharply," ONS Director of Economic Statistics Liz McKeown said.
Overall payroll employment fell a provisional 59,000 in the rolling three months to August. The unemployment rate to July was 4.1%, down from 4.2% in June.
The data will be well recieved by the Bank of England, as they still battle inflation in the service sector, although the overall rate is still a little higher than some policymakers would like.
Source: ONS Monthly Wages and Salaries Survey
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.