Press Release: NIESR Monthly Wage Tracker - Wage Growth to Slow Further

Published: 21st April 2020

Wage Growth to Slow Further

Main points 

  • According to new ONS statistics published this morning, UK average weekly earnings expanded by 2.9 per cent excluding bonuses in the three months to February 2020 compared to the year before, and by 2.8 per cent if bonus payments are taken into account.
  • The Wage Tracker indicates that nominal earnings growth including bonuses will be 2.9 per cent in the first quarter of 2020, decreasing to 2.3 per cent in the second quarter.
 
“UK earnings growth, which had already declined from 4 per cent in the middle of 2019 to below 3 per cent in the three months to February 2020, will most likely decelerate further in the next few months because of the rise in furloughing and the reduction in economic activity during the Covid19-related lockdown period.”

Cyrille Lenoel
Senior Economist in Macroeconomic Modelling and Forecasting

 

Please find the full analysis in the document attached

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Notes for editors:

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