Average weekly earnings including bonuses in the UK decreased by 0.3 percent from a year earlier to GBP 530 in the three months to May of 2020, following a 1 percent rise in the three months to April and compared to market expectations of a 0.4 percent drop. It was the first fall in earnings since June of 2014. Wages fell in finance and business services (-0.2 percent vs 0.8 percent), manufacturing (-1.7 percent vs a flat reading in April), construction (-6.9 percent vs -2.8 percent) and wholesaling, retailing, hotels & restaurants (-3.6 percent vs -0.9 percent). Excluding bonuses, average weekly earnings increased by 0.7 percent, above market forecasts of 0.5 percent. In real terms, total pay fell 1.3 percent and regular pay was down 0.2 percent.
Wage Growth in the United Kingdom averaged 2.85 percent from 2001 until 2020, reaching an all time high of 6.70 percent in February of 2007 and a record low of -2.70 percent in March of 2009. This page provides the latest reported value for - United Kingdom Average Weekly Earnings Growth - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom Average Weekly Earnings Growth - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: Office for National Statistics
Wage Growth in the United Kingdom is expected to be -3.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Wage Growth in the United Kingdom to stand at 1.20 in 12 months time. In the long-term, the United Kingdom Average Weekly Earnings Growth is projected to trend around 1.60 percent in 2021 and 2.00 percent in 2022, according to our econometric models.