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XpertHR Median Pay Holds Pace in Dec

UK DATA
MNI (London)

XPERT HR MEDIAN PAY AWARD 3M DEC +5.0%; Nov +5.0%

XpertHR's latest pay data found pay awards were up +5.0% in the three months ending December. This is over double last year's December figure as firms experience growing pressure from a tight labour market and the higher cost of living.

  • The +5.0% 3m/yoy uptick was again a 31-year high, equalling that of November, implying that earnings could have held pace in December national labour data (due Feb 14).
  • Data published by the ONS on Tuesday showed total average weekly earnings surprised to the upside, rising +6.4% 3m/yoy, up from +6.1% and a near-record level.
  • This data alongside continued prevalence of wage disputes adds to evidence of further wage inflation into Q1 2023. Yet initial signs of easing labour markets are also becoming apparent (see here). The BOE's December monetary policy minutes highlighted that the Bank sees both upside and downside risks to wages over the coming months.
DataHomepagemarkets-real-timeData BulletBank Of England (BOE) Market NewsBulletUKMarketsFixed Income BulletsForeign Exchange Bullets
DataHomepagemarkets-real-timeData BulletBank Of England (BOE) Market NewsBulletUKMarketsFixed Income BulletsForeign Exchange Bullets

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