Growth in average earnings weakened further in the year to the end of January, according to the latest data from the Office for National Statistics. Much of the fall is due to lower bonuses, but ‘regular pay’, that is growth excluding bonuses, was also lower than previously in most areas of the economy.
Average weekly earnings rose by 2.2% in the year to January, down from 2.6% in the year to December and 2.8% in the year to November. These figures are for total earnings, including bonuses, across the whole of the economy. Excluding bonuses, the annual rate of increase in the year to January was 2.3%, down from 2.6% in December.
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