Alastair Hatchett | 18 Sep 2020

Rate of decline in average weekly earnings slows

The rate of decline in average weekly earnings slowed in July 2020, following steep falls in the previous three months. One assumption was that earnings would continue to decline, but that has not happened, according to the latest monthly figures from the ONS. Over the summer months pay growth was affected by lower pay for furloughed employees and reduced bonus payments across most sectors. However, the three-month average for regular pay, which excludes bonuses, in the year to July for the whole economy was positive compared with a negative outcome in June.

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