NIESR Monthly Wage Tracker – Pay growth at 11-year high but further acceleration unlikely

17 Jul 2019 11:30 AM

Pay growth at 11-year high but further acceleration unlikely

Figure 1: Average Weekly Earnings (3 months average year on year growth, per cent)

Source: NIESR, ONS.

Main points

Arno Hantzsche, senior economist at NIESR, said 

“Strong earnings growth in the first half of 2019 helped real pay recover most of the losses incurred since the financial crisis a decade ago. However, economic and political uncertainty pose a considerable risk to hiring activity and, according to our new estimates, prevent a further acceleration of earnings growth in the months ahead.”

Figure 2: Real whole economy AWE (3 months average year on year growth, per cent)

Source: ONS, NIESR.

Notes: Real pay growth is nominal pay growth deflated by a 3-month moving average of the consumer price index (CPI).

Figure 3: Public and Private sector AWE (3 months average year on year growth, per cent)

Source: ONS, NIESR.

Please find the full commentary in attachment

Notes for editors:

For further information please contact the NIESR Press Office or Luca Pieri on 020 7654 1931 / l.pieri@niesr.ac.uk

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