Earnings growth remains modest
Official earnings growth was down across the board in August, continuing its two month dip. The figure for the whole economy still remains artificially high at 5%, impacted by the effects of the pandemic on comparator data. Payline, which shows actual pay settlements, indicates earnings growth achieved 2.2% in September – although this figure masks a wide range of deals (see pages 15-19). The latest AWE regular pay figures are still high at 7.8% (down from 9.8%) in finance and business services, and 5.9% (down from 7.7) in construction. The 5.6% overall private sector figure contrasts with a 2.7% median increase in the public sector. Importantly, inflation has also taken a jump this month, with RPI reaching 4.9%.
https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours