UK Wages Grow Less than Expected
UK workers' total earnings, including bonuses, advanced by an annual 3.6 percent to GBP 542 per week in the three months to September 2019, after a downwardly revised 3.7 percent gain in the prior period and missing market expectations of a 3.8 percent rise. Wages growth slowed in the public sector (3.2 percent vs 3.4 percent), services (3.6 percent vs 3.7 percent) and manufacturing (2.6 percent vs 2.8 percent); while remained steady in the private sector (at 3.7 percent), finance & business services (at 4.4 percent) and wholesaling, retailing, hotels & restaurants (at 3.1 percent). In contrast, wages increased faster in construction (6.0 percent vs 5.8 percent). Excluding bonuses, earnings were up 3.6 percent to GBP 508 per week, following a 3.8 percent increase in the previous period and missing market estimates of a 3.8 percent gain. In real terms, earnings including bonuses went up 1.8 percent, and those excluding bonuses rose 1.7 percent.
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