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MNI BRIEF: UK Wage Growth At 3-1/2 Year Low

As BOE readies to meet, UK average earnings slow.
GlobalPolicy NewsHomepageCEEMEABriefUKStoryRegion

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.

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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.

Keep reading...Show less