Average Weekly Earnings, total pay is the main indicator of changes in average personal earnings including bonuses, for a period of three months compared to the same period of the previous year. AWE is calculated monthly as the ratio of estimated total pay for the whole economy, divided by the total number of employees.
The calculation does not include self-employed, HM Armed Forces and government-supported trainees.
The indicator is used by the Bank of England and HM Treasury to measure the pressure being put on inflation by the labor market and to measure wages growth. The indicator growth may have a positive effect on the pound quotes.
