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Private sector earnings not falling very fast

UK DATA

Looking at private sector pay Y/Y in the 3-months to Feb:

  • Total private sector pay rose 6.1% (down from a revised 6.2% in January) - the third month to decline in a row following the 7.2% in November.
  • Ex-bonus private sector pay fell to 6.9%Y/Y in the 3 months to Feb from 7.0% in Fan and the peak of 7.3%Y/Y seen in Nov/Dec. So its moving in the right direction, but not very fast.
  • In fact looking at manufacturing, construction and finance/business services, wages all rose at a faster pace in the 3-months to February than in the 3-months to January.

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