Wages and Salaries in Britain
Average Earnings Index 3MoY (UK)
Earnings Continue to Grow in Britain Despite the Weakness in the Economy
Starts Tuesday, March 19, 2019 at 09:30
Updated Tuesday, March 19, 2019
Average earnings index kept growing in 2017 and early in 2018 in the UK, and it reached 2.8% in January and February. But, the increase in earnings stared to decelerate after that and it has 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 the 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. The British economy has been weakening considerably in recent months, yet earnings are growing to record highs. That raises the question, who is earning all this money while the economy is trembling? 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.