The numbers thread

fluxo

                                                                                Squiffy said:                                                                                                                But wages now are higher than ten years ago after accounting for the cost of living.                                Click to expand...       

https://www.ons.gov.uk/generator?uri=/employmentandlabourmarket/peopleinwork/earningsandworkinghours/articles/supplementaryanalysisofaverageweeklyearnings/september2018/f51e6db1&format=xls

Makes for interesting reading!

ghrh

Using the same source data (LFS) as the report from BoE.

Wages of existing less skilled immigrants may be negatively effected by new immigrants.
Opposite effect (positive) for less skilled UK workers.
Link

                                                                               
                                                                       

fluxo

This is the most recent set of ONS figures:

https://www.ons.gov.uk/file?uri=/employmentandlabourmarket/peopleinwork/earningsandworkinghours/datasets/averageweeklyearningsearn01/current/earn01apr2019.xls

Please refer to the real AWE table.

A trip ten years back takes us to Apr 2009, but the table only goes up to Feb 2019, and the interval between the two isn’t therefore a full ten years. Feb 2009-Feb 2019 is a complete ten year interval. Feb 2009 is a low point by the look of it:

                                                                               

Earnings had previously been higher.

To see where we currently are, the end of the table:

                                                                               

By Jun 2009 pay had already recovered a bit and was higher than that (it was 102.8). And a bit earlier:

                                                                               

Total real pay was higher in Jun 2006 than in Feb this year?

Over the ten years to Feb 2019 the cumulative increase was 2.8% (0.3% per year). Over the five years to Feb 2005 the increase was 15.7% (3.0% per year). In the past decade real pay has grown 10 times more slowly than in the early 2000s.

It’s a bit difficult doing this on a tiny phone screen, so I may have made a mistake. My apologies if I have.

Bl4ckGryph0n

^^^ You know there is a new thread created specifically for you guys

The numbers thread

IronGiant

moved...

fluxo

P.S. Average annual real pay growth:

Feb 2000-Feb 2005: £3,574
Feb 2009-Feb 2019: £724
Jun 2009-Feb 2019: < £0

Values given in 2019 £s. That’s a quick rough calculation.

fluxo

You've done a good job for a small screen.

So in the latest figures, wages now are higher than ten years ago? They look likely to be higher when March 2019 figures are released, but perhaps not when April is released as April 2009 had a big jump that then fell back in May 09.

There is no denying wage growth has been slow. We could have imitated France and had higher wage growth but much higher unemployment. Would that have been better? Personally I don't think so, but it's a fair debate to have.

For contrast France has unemployment at more than double our rate and involuntary part time employment at four times our rate.

Their wage growth has been much better than ours.

UK has weakest wage growth in advanced G20 nations, says ILO

fluxo

Well, no, because the data for April 2019 (i.e., now) isn’t in the latest figures. But the rest of your post indicates you already know that!

fluxo

February 2019 is the latest figures.

fluxo

Well, yes and no. It’s not really obvious what you mean or why, indeed, you are writing this.

(Hint: a month isn’t a set of figures).