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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
- XpertHR median basic pay award in the 3 months to the end of January 2024 fell to +5.1% (vs +6% prior).
- This will be welcome news for the MPC after official ONS wage data remained more sticky than expected in last week's data release (which covers until the end of December 2023). There was a similar fall in mid-2023 from the XpertHR data, so there will be hope that this move downwards signals the start of a more meaningful trend.
- The fall in nominal wage growth had been hoped for given the decline in headline inflation and was reflected by "around half (+53.5%) of pay awards in a matched sample analysis worth less than the previous year's settlement" - which Xpert HR senior content manager flagged last month.
- Attwood, the manager notes "While the median has fallen, it is still elevated by historical standards, with pay awards having not been consistently at this level since 1991. And there are still some inflation-busting deals being made – one-fifth of reviews were worth at least 7%".
- There is still a fair amount of variability in pay awards with lower quartile at +4%, and upper quartile at +6.6%. It will be interesting to watch the upper quartile when the NLW is increased by 9.8% in April - and whether that pulls up the median awards, too.
- Data were collected between 1st November 2023 and 31st January 2024, based on 57 pay award covering 181,174 employees.
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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