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Indicator Digest

Wages
Following the changes in workers wages is an important factor to overall inflation. As salaries increase, consumers spend more, and thereby exert upward pressure on retail prices. Higher wages also improve consumer sentiment and bolster overall economic growth.

Main Indicator: Average Earnings Index and Bonus q/y

Most Recent Release

March
17th, 2010
Actual Forecast Previous Revised Form
0.9% 1.7% 0.8% N/A

For 3 months to January
Provided by: Office of National Statistics

Ex. Bonus (q/y): 1.4%, forecast 1.3%, pr. 1.3% (Dec), 1.2% (Nov)

Table of Past Data

4/225/126/177/158/129/1610/1411/112/173/17
Actual0.1%-0.4%0.8%2.3%2.5%1.7%1.6%1.2%0.8%0.9%
Forecast1.4%-1.0%0.2%2.1%2.3%2.1%1.4%1.5%0.9%1.7%
Previous1.7%0.2%-0.3%0.8%2.3%2.5%1.7%1.6%0.8%0.8%
Revised From1.8%0.1%-0.4%N/AN/AN/AN/AN/A0.7%N/A

Past Releases

February
17th, 2010
Actual Forecast Previous Revised Form
0.8% 0.9% 0.8% 0.7%

For 3 months to December
Provided by: Office of National Statistics

Ex. Bonus (q/y): 1.2%, forecast 1.1%, pr. 1.2% R+ (Nov)

November
11th, 2009
Actual Forecast Previous Revised Form
1.2% 1.5% 1.6% N/A

For 3 months to September
Provided by: Office of National Statistics

Ex. Bonus (q/y): 1.8%, pr. 1.9% (Aug), 2.2% (Jul), 2.5% (Jun),
2.7% (Apr), 3.0% (Mar), 3.2% (Feb), 3.5% (Jan), 3.6% (Dec '08),
3.6% (Nov), 3.6% (Oct), 3.6% (Sep), 3.6% (Aug), 3.7% (Jul)

Wages in the UK rose 1.2% for the three months through September, a figure that was the slowest rise since April this year and weaker than the 1.6% increase seen in the three months to August. That was a slower rate of wage growth than expected by economists and shows the pressure that the UK consumer is coming under even as the recession in the economy recedes. 

October
14th, 2009
Actual Forecast Previous Revised Form
1.6% 1.4% 1.7% N/A

For 3 months to August
Provided by: Office of National Statistics

Ex. Bonus (q/y): 1.9%, pr. 2.2% (Jul), 2.5% (Jun), pr. 2.7% (Apr),
3.0% (Mar), 3.2% (Feb), 3.5% (Jan), 3.6% (Dec '08), 3.6% (Nov),
3.6% (Oct), 3.6% (Sep), 3.6% (Aug), 3.7% (Jul), 3.7% (Jun)

September
16th, 2009
Actual Forecast Previous Revised Form
1.7% 2.1% 2.5% N/A
August
12th, 2009
Actual Forecast Previous Revised Form
2.5% 2.3% 2.3% N/A

For 3 months to June
Provided by: Office of National Statistics

Ex. Bonus (q/y): 2.5%, pr. 2.7% (Apr), 3.0% (Mar), 3.2% (Feb),
3.5% (Jan), 3.6% (Dec '08), 3.6% (Nov), 3.6% (Oct), 3.6% (Sep),
3.6% (Aug), 3.7% (Jul), 3.7% (Jun), 3.8% (May)

July
15th, 2009
Actual Forecast Previous Revised Form
2.3% 2.1% 0.8% N/A

For 3 months to May
Provided by: Office of National Statistics

Ex. Bonus (q/y):  pr. 2.7% (Apr), 3.0% (Mar), 3.2% (Feb), 3.5% (Jan),
3.6% (Dec '08), 3.6% (Nov), 3.6% (Oct), 3.6% (Sep), 3.6% (Aug),
3.7% (Jul), 3.7% (Jun), 3.8% (May)

June
17th, 2009
Actual Forecast Previous Revised Form
0.8% 0.2% -0.3% -0.4%

For 3 months to April
Provided by: Office of National Statistics

Ex. Bonus (q/y): 2.7%, pr. 3.0% (Mar), 3.2% (Feb), 3.5% (Jan),
3.6% (Dec '08), 3.6% (Nov), 3.6% (Oct), 3.6% (Sep), 3.6% (Aug),
3.7% (Jul), 3.7% (Jun), 3.8% (May)

May
12th, 2009
Actual Forecast Previous Revised Form
-0.4% -1.0% 0.2% 0.1%

For 3 months to March
Provided by: Office of National Statistics

Ex. Bonus (q/y): 3.0%, forecast 3.0%, pr. 3.2% (Feb), 3.5% (Jan),
3.6% (Dec '08), 3.6% (Nov), 3.6% (Oct), 3.6% (Sep), 3.6% (Aug), 3.7% (Jul),
3.7% (Jun), 3.8% (May)

Average earnings growth, including bonuses, fell 0.4% from the previous three-month period a year ago, marking the lowest level since comparable records began in 1001. The drop reflected a sharp fall in bonuses in the financial sector. Taking bonuses out of the equation showed a smaller increase of 3% q/y, which matched forecasts, though shows a slowdown in earnings growth.

April
22nd, 2009
Actual Forecast Previous Revised Form
0.1% 1.4% 1.7% 1.8%

For 3 months to February
Provided by: Office of National Statistics

Ex. Bonus (q/y): 3.2%, forecast 3.4%, pr. 3.5% (Jan), 3.6% (Dec '08),
3.6% (Nov), 3.6% (Oct), 3.6% (Sep), 3.6% (Aug), 3.7% (Jul), 3.7% (Jun),
3.8% (May)