UK wage growth surge in May-July ’24

Annual growth in UK employees’ average weekly earnings (excluding bonuses) reached 5.1 per cent, marking the highest since April to June 2022, when it was 4.7 per cent.

Total earnings, including bonuses, rose by 4.0 per cent, influenced by one-off NHS and civil service payments in June and July 2023. In real terms, adjusted for inflation using CPIH, regular pay grew by 2.2 per cent, while total pay increased by 1.1 per cent.

Public sector regular pay growth remained strong at 5.7 per cent, down from 6.0 per cent in the previous quarter. In the private sector, earnings grew by 4.9 per cent, the lowest since February to April 2022 (4.8 per cent).

The manufacturing sector led with 5.9 per cent annual regular earnings growth, while the construction sector had the smallest increase at 3.9 per cent.

Attribution: The Office for National Statistics (ONS)

Subediting: M. S. Salama