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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
September XpertHR Median pay awards rise (in data released overnight), but remain below +6.0% H1-2023 trend:
- XpertHR data showed median basic pay awarded was +5.4% (vs +5.0% prior) in the three months to the end of September 2023, below the +6.0% median that settlements have stood for the majority of the year thus far, but an uptick that will be slightly concerning to both the MPC and the wider market.
- The fall in pay settlements relative to earlier in the year, reflects a downward trend in measures of inflation.
- Although, public sector pay settlements are at their highest since 1992 at +6.1% Y/Y.
- Whilst this data suggests a slowdown in overall settlements, ONS data remains high and well-above survey data figures, with headline AWE at +8.1% 3M/3M Y/Y in August, with increasing comments from MPC members suggesting that the official data is perhaps exaggerating wage growth.
- XpertHR forecast median pay awards to stand at +5.0%Y/Y at the end of September 2024, slightly lower than current level of +6.0%Y/Y as at the end of September 2023.
- XpertHR's Attwood said: ' After a year of strong pay growth driven by a tight labour market, signs of a cooling market are beginning to emerge'.
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.
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