UK workers' total earnings, including bonuses, advanced by an annual 2.9% to GBP 544 per week in the three months to December 2019, the slowest pace since the three months to August 2018, below a 3.2% rise in the previous period and missing market expectations of a 3% increase. Pay growth eased in the private sector (2.7% vs 3.1%); services (2.9% vs 3.1%), of which finance & business services (3.7% vs 4.2%); construction (3.2% vs 4.5%) and wholesaling, retailing, hotels & restaurants (1.1% vs 1.9%); while it remained steady in the public sector (at 3.3%) and manufacturing (at 2.7%). Excluding bonuses, earnings were up 3.2% to GBP 512 per week, the least since the third quarter of 2018, following a 3.4% gain in the previous period and slightly below market estimates of 3.3%. In real terms, earnings including bonuses increased 1.4% to GBP 503 per week and those excluding bonuses rose 1.8% to GBP 474 per week.
Wage Growth in the United Kingdom averaged 2.88 percent from 2001 until 2019, reaching an all time high of 6.70 percent in February of 2007 and a record low of -2.70 percent in March of 2009. This page provides the latest reported value for - United Kingdom Average Weekly Earnings Growth - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. source: Office for National Statistics
Wage Growth in the United Kingdom is expected to be 3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Wage Growth in the United Kingdom to stand at 3.20 in 12 months time. In the long-term, the United Kingdom Average Weekly Earnings Growth is projected to trend around 3.60 percent in 2021 and 3.40 percent in 2022, according to our econometric models.