UK’s annual growth in regular pay, excluding bonuses, stood in line with market expectations, clocking in at 7.8% in the three months to August. However, when accounting for bonuses, the total pay’s annual growth was slightly tepid at 8.1%, missing the market forecast of 8.3%.
When adjusted for inflation using CPI including owner occupiers’ housing costs (CPIH) – the real terms annual growth showcased a rise of 1.3% for total pay from June to August. Similarly, the regular pay’s real terms annual growth registered a 1.1% increase.
A sector-wise dissection revealed that finance and business services led the pack with the most robust annual regular growth rate at 9.6%. Manufacturing sector followed closely with an impressive 8.0% growth rate. This surge in the manufacturing sector’s pay growth is noteworthy, marking one of its highest annual regular growth rates since the inception of comparable records in 2001.
