United Kingdom Average Weekly Earnings, Total Pay (incl. Bonuses) y/y

Average Weekly Earnings, Total Pay incl. Bonuses y/y reflect a change in average weekly earnings over the last three months compared to the same period of the previous year. It is considered the main indicator of short-term changes in earning in the UK.

The indicator is calculated based on a survey of 9,000 companies, which employ 13.8 million people. The survey covers information on the total amount of salaries in each company, and the number of employees who received the salaries in the reported period. The average weekly earnings are calculated based on this data (the amount is divided by the number of employees). The calculation does not include self-employed, Armed Forces and government-supported trainees.

Bonuses are included in the indicator calculation. This is the average amount paid to employees of British companies per week in return for work done, before taxes and other deductions. The figure does not include unearned income, benefits in kind or salary arrears. The full report version includes the nominal (not adjusted for inflation) and real (adjusted for inflation) values.

The indicator cannot be regarded as a pure measure of wages increase or decrease, because it does not take into account changes in the share of part-time workforce or changes in the workforce structure.

The average weekly earnings index is one of the leading indicators of inflation and consumer activity. Therefore the indicator growth may have a positive effect on the British pound.