UK Wages Rise More Than Expected

2024-12-17 07:13 By Joana Taborda 1 min. read

Regular pay in the UK which excludes bonuses, increased 5.2% year-on-year to GBP 656/week in the three months to October 2024, slightly higher than 4.9% in the previous period which was the lowest since June 2022, and above forecasts of 5%.

Wage growth accelerated at the private sector (5.4% vs 4.9%%) but continued to slowdown at the public one (4.3% vs 4.7%).

The manufacturing sector (6%) saw the largest annual regular wage growth rate, followed by wholesale, retailing, restaurants and hotels (5.4%), construction (5.2%), services (5.1%), and the finance and business services sector (5.1%).

Adjusted for inflation, wage growth in real terms was 2.2%, above 1.9% in the previous period.



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