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UK private sector pay growing at fastest rate in 15 years

Monday, Oct 12 2015
Private sector earnings are growing at their fastest rate in 15 years, says a report from the Resolution Foundation think-tank.Real average weekly pay grew by between 3.4 per cent and 3.6 per cent in the three months to August compared with the same period of 2014, according to its forecast.
 
If accurate, that would represent the strongest wage growth since May 2001. Average weekly earnings across the wider economy – which includes the public sector – are expected to grow by 2.9 per cent-3 per cent. While recent low inflation has given consumers extra money in their pockets, more higher-paying roles have been created.
 
The foundation’s analysis – published ahead of the latest Office for National Statistics data due later this week – shows that higher- paid managerial roles have been accounting for a growing share of the workforce during the past year, while the share of lower-paying customer service and care jobs has fallen. 
 
Sterling is currently being traded around 1.5330 level. Pair is likely to find support around 1.5280 level and resistance above 1.5380 area. There will be no major data releases in the rest of the session.
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