National Statistics provides monthly data and EEF updates our website to keep companies up to date with the latest earnings trends. EEF member companies can access our latest forecasts for earnings in manufacturing and the economy as a whole.
The data shown represents seasonally adjusted earnings growth including bonuses in manufacturing, the public and private sectors and the economy as a whole.
August 2008
Comment
According to official statistics, whole economy average earnings growth weakened in the three months to June. Including bonuses, earnings growth slowed to 3.4% from 3.8% in the three months to May. Excluding bonuses, the slowdown was less pronounced with growth slowing to 3.7% from 3.8% over the same period. A considerable slowdown was reported in manufacturing as pay growth fell to 2.8% from 3.6% in May. Stripping out bonuses, earnings growth in manufacturing slowed to 2.8%, from 3.1%.
Average earnings growth
|
|
Manufacturing |
Whole economy |
Public sector |
Private sector |
|
Annual % change |
|
2005 |
3.7 |
4.1 |
4.6 |
4.0 |
|
2006 |
5.2 |
4.1 |
3.7 |
4.3 |
| 2007 |
3.4 |
3.9 |
3.1 |
4.1 |
|
% change past three months on a year ago |
|
Jun-07 |
3.7 |
3.6 |
3.1 |
3.7 |
Jul-
07 |
4.1 |
3.6 |
2.9 |
3.8 |
| Aug-07 |
3.6 |
3.8 |
2.9 |
4.0 |
| Sep-07 |
3.1 |
4.1 |
3.0 |
4.3 |
| Oct-07 |
2.5 |
4.0 |
3.2 |
4.2 |
| Nov-07 |
2.8 |
4.0 |
3.3 |
4.2 |
| Dec-07 |
3.4 |
3.8 |
3.3 |
4.0 |
| Jan-08 |
3.8 |
3.9 |
3.5 |
4.0 |
| Feb-08 |
3.7 |
3.7 |
3.7 |
3.7 |
| Mar-08 |
3.9 |
4.0 |
3.8 |
4.0 |
| Apr-08 |
3.6 |
3.9 |
3.9 |
3.9 |
| May-08 |
3.6 |
3.8 |
3.5 |
3.9 |
| Jun-08 |
2.8 |
3.4 |
3.3 |
3.5 |
Source: National Statistics