The growth of average wages in the UK has slowed as expected.

From April to June 2024, the average weekly earnings in the UK (excluding bonuses) increased by 5.1% compared to the same period last year, reaching 647 pounds per week. This is the lowest increase since June 2022, following a 5.4% increase in the previous period, in line with market expectations.

The growth of wages has eased in both the private sector (4.9% vs. 5.3%) and the public sector (5.7% vs. 6%).

The manufacturing sector (5.9%) had the highest annual average wage growth rate, followed by financial and business services (5.4%) and the service industry (5.1%)

In contrast, the annual regular wage increase rate in the construction industry was the lowest at 3.9%.

The real wage growth rate, adjusted for inflation, decreased from 2.4% to 2.2% excluding bonuses.

Source: National Statistics Bureau