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.
The chart of the entire available history of the "United Kingdom Average Weekly Earnings, Total Pay (incl. Bonuses) y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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