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Wage Increase Growing

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The whole economy earnings annual growth rate for total pay (including bonuses) was 2.3 per cent for the three months to May 2011, up from 2.0 per cent for the three months to April. The whole economy earnings annual growth rate for regular pay (excluding bonuses) was 2.1 per cent for the three months to May 2011, up from 2.0 per cent for the three months to April. These increases in the growth rates for total pay and regular pay were driven by the private sector.

http://www.statistics.gov.uk/cci/nugget.asp?id=12

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TPTB are going to land this sucker gently aren't they?

The problem is the real TPTB have got all the money and it is in their interest to cut wages. With employment as it is who is going to kick up a fuss.

On another thread I read about some Japanese workers taking a 20% pay cut. I hope that doesn't start happening here.

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The problem is the real TPTB have got all the money and it is in their interest to cut wages. With employment as it is who is going to kick up a fuss.

On another thread I read about some Japanese workers taking a 20% pay cut. I hope that doesn't start happening here.

It will

We just had a huge financial crisis when half of our banks were nationalised and the other half received massive state support to keep them solvent

Interest rates are at a 260 year low to keep the banks and the country's over borrowed on life support

Thats the aftermath of a financial crisis

After a financial crisis a country's unemployment rate stays high for at least a decade

This will suppress wage growth for low skilled workers quite effectively

It will also be pretty miserable

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Here's the latest RPI-adjusted chart for the ONS Average Weekly Earnings series. In real terms we're back to Aug 2004 earnings levels.

[The AWE dataset is noisy due to the timing of bonus payments so I've smoothed it with a six-month moving average, which produces some lag. The actual number for May 2011 is £461, almost the same as May 2002 when adjusted by RPI.]

RealEarnings0511.gif

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Here's the latest RPI-adjusted chart for the ONS Average Weekly Earnings series. In real terms we're back to Aug 2004 earnings levels.

And by some measures, we're back to 2004 house price levels. Two steps forward, two steps back.

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The whole economy earnings annual growth rate for total pay (including bonuses) was 2.3 per cent for the three months to May 2011, up from 2.0 per cent for the three months to April. The whole economy earnings annual growth rate for regular pay (excluding bonuses) was 2.1 per cent for the three months to May 2011, up from 2.0 per cent for the three months to April. These increases in the growth rates for total pay and regular pay were driven by the private sector.

http://www.statistics.gov.uk/cci/nugget.asp?id=12

How are those statistics derived?

Do they include only those who have had pay increases, or do they include those with frozen wages as well? I imagine that loads of people are not seeing their pay rise, which would mean that those who are must be getting some hefty increases.

And if you factor in those with rises because they are on the minimum wage, and the footballers and the top execs, then I bet they could take that two percent pretty much on their own.

And then factor in tax hikes, and I doubt if the nominal wages after tax are really going up at all.

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Here's the latest RPI-adjusted chart for the ONS Average Weekly Earnings series. In real terms we're back to Aug 2004 earnings levels.

[The AWE dataset is noisy due to the timing of bonus payments so I've smoothed it with a six-month moving average, which produces some lag. The actual number for May 2011 is £461, almost the same as May 2002 when adjusted by RPI.]

RealEarnings0511.gif

Nice chart so much for "house-prices-always-rise-as-wages-rise-over-the-long-term"

Burn you leveraged speculator scum burn!

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Here's the latest RPI-adjusted chart for the ONS Average Weekly Earnings series. In real terms we're back to Aug 2004 earnings levels.

[The AWE dataset is noisy due to the timing of bonus payments so I've smoothed it with a six-month moving average, which produces some lag. The actual number for May 2011 is £461, almost the same as May 2002 when adjusted by RPI.]

RealEarnings0511.gif

What a great chart. Then if you consider that Chief Execs and Bankers and footballers havent been seeing their wages going up, you can see the pain felt by everyone else. Then if you consider that this chart includes both the public and the private sector, and the former havent seen wage freezes until now, then all the pain is being squarely felt by the private sector.

It is no wonder that we have a massive deficit, the private sector is being massacred in real terms, whilst those they are supporting, pensioners, public sector workers, benefit claimants, are all index linked. Those at the margin are seeing an ever greater incentive to join the ranks of those whose entitlements are protected against inflation.

This is clearly shocking, as it is the private sector who are needed now to dig us out of the UK's national debt hole, and yet the inducements in front of them are clear, dont work in the private sector.

It isnt just the PIGS in a big mess, the disaster is at home. We are in a hole, and the government so far have just kept on digging.

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Here's the latest RPI-adjusted chart for the ONS Average Weekly Earnings series. In real terms we're back to Aug 2004 earnings levels.

[The AWE dataset is noisy due to the timing of bonus payments so I've smoothed it with a six-month moving average, which produces some lag. The actual number for May 2011 is £461, almost the same as May 2002 when adjusted by RPI.]

RealEarnings0511.gif

I would like to see a chart representing nominal "non RPI adjusted" for the past 10 years, anyone got one?

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