Wage growth masks skewed economy

Official figures for average weekly earnings in February for regular pay (excluding bonuses) in the whole economy continue to show growth at 4.5%. However, this growth continues to be inflated by the elimination of lower-paying jobs. Underlying growth is more like 2.5%.

The financial and business services sector is still enjoying a bonanza at 6.7%, while manufacturing remains flat, at 1.7%.

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

https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours

http://www.lrd.org.uk/index.php?pagid=18