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Average Earnings Index 3MoY (UK)

The First Earnings Report After the BOE Rate Hike

Starts Saturday, August 18, 2018 at 04:47
Updated Tuesday, August 14, 2018
It will be interesting to see the average earnings index report this time since the Bank of England already increased interest rates two weeks ago. That was the last interest rate hike for quite some time to come according to the BOE Governor Mark Carney. So, it will be interesting to see if the earnings figures will have an impact on the GBP now. Average earnings are expected to remain unchanged at 2.5% on an annual basis, although the trend has been in decline from 2.8% in March and April. Inflation is at the same levels, so there's no real growth. 

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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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