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United Kingdom Wage Growth
Last Release
Jan 31, 2024
Actual
5.6
Units In
%
Previous
5.8
Frequency
Monthly
Next Release
N/A
Time to Release
N/A
Highest | Lowest | Average | Date Range | Source |
8.8 Jun 2021 | -2.7 Mar 2009 | 3.27 % | 2001-2024 | Office for National Statistics |
In the United Kingdom, wage growth refers to changes in average weekly earnings, before tax and other deductions and including bonuses.
Latest Updates
Average weekly earnings including bonuses in the UK increased 5.6% year-on-year to GBP 672/week in the three months to January 2024, the least since July 2022, compared to 5.8% in the previous period and forecasts of 5.7%. Wage growth slowed in both the public sector (5.8% vs 6%) and the private sector (5.7% vs 5.9%). Meanwhile, regular pay which excludes bonus payment, went up 6.1% to GBP 627/week, the lowest growth since October 2022, below a 6.2% rise in the previous period and expectations of 6.2%. Both the services sector and the wholesaling, retailing, hotels and restaurants sector saw the largest annual regular growth rate at 5.8%; followed by the finance and business services sector (5.7%) and manufacturing (5.6%). Adjusted for inflation, wage growth in real terms was steady at 1.4% for total pay including bonuses and 1.8% for regular pay excluding bonuses.
United Kingdom Wage Growth History
Last 12 readings