Average weekly earnings growth in the year to August slowed marginally to 2.3%, down from 2.4% in July. The slowing took place entirely in the private sector. Earnings growth in the private sector was 2.3% in August, down from 2.5% in July. By contrast, earnings in the public sector grew by 1.9% in August, up from 1.6% in the year to July.
The slower growth occurred mainly in three parts of the private sector: finance and business services, manufacturing, and construction. In finance and business services, earnings growth fell back from 3% in July to 2.6% in August. In manufacturing, earnings growth slipped from 2.5% in July to 2.3% in August. However, this rate remains higher than in the past two years when earnings growth was between 1.5 and 1.7%.
Visiting Fellow, University of Greenwich
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