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Average Earnings Index 3MoY (UK)

Event Date: Tuesday, July 11, 2023
Event Time: 06:00 CET

Earnings to Keep Increasing in UK But Not for the Average Joe

Updated Saturday, July 8, 2023
Average earnings index kept growing in 2017 and early in 2018 in the UK, and it reached 2.8% in January and February last year. But, the increase in earnings started to decelerate after that and they have been slowing throughout the year. The growth continued slowing until it fell to 2.4% as shown in August's report. But, it started increasing again and we saw numbers such as 2.6% in September and 2.7% in October. The report released in November showed that earnings jumped to 3.0% in September, which is near the highest levels in recent years. Then, December's report took the number to 3.3%, which is great, but not as great as the 3.4% we saw for November as well as for December, which was revised even higher to 3.5%. In Q2 and  Q3 of last year, earnings turned negative but they have been increasing since then and in January they jumped by 4.8%, which is strange since the service sector where 80% of the population works has been in recession due to the lockdowns. In February they cooled off to 4.5% and further to 4.0% in March. In April they increased further by 5.6%, while in May they surged higher to 7.3% and in July increased by another 8.8%. Earnings have been increasing since then but in March we saw a slight cool-off to 5.9% while April is expected at 5.8%. Please follow us for live coverage of this event by experienced market analysts.  

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About Average Earnings Index 3MoY (UK)
The average earnings index data shows the prices that British businesses and the UK Government pay for labor. This report also includes bonuses that employees receive. It is calculated and released by the UK Office for National Statistics. It is in the 3MoY format, which means that the average number of the last three months, as compared to the same period of the previous year. The data is presented as the change in the percentage of earnings between the two periods. This data is a late release because it is released 45 days after the month ends. Nonetheless, it is a leading indicator of consumer inflation CPI (consumer price index) since the higher the earnings are, the more likely the consumer is to spend. The CPI inflation is one of the main mandates of the Bank of England, so a positive number is good for the GBP.
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