Workplace Report (June 2021)

Pay and prices

Growth still masking skewed economy

Official figures for average weekly earnings in March for regular pay (excluding bonuses) in the whole economy continue to show growth at 4.9%. However, this growth continues to be inflated by the elimination of lower-paying jobs due to the pandemic. Underlying growth is more like 3.0%.

Financial and business services are still enjoying a bonanza at 7.2%, while manufacturing saw a welcome but much lesser rise to 2.7%.

LRD Payline data on agreed deals for April shows a flat across the board median increase at 2.0%, but this is still based on very thin data. The biggest growth for the month has been in services.

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