UK average weekly earnings rise more than forecast in October

In the United Kingdom (TADAWUL:4280 ), the average weekly earnings data for October showed a significant increase, surpassing expectations.

The regular whole economy Average Weekly Earnings (AWE) growth climbed to 5.2% on a year-over-year basis for the three months ending in October, exceeding both Barclays (LON:BARC )' projection of 5.0% and the Bloomberg consensus of the same percentage.

This marked an increase from the upwardly revised figure of 4.9% in September, which was initially reported as 4.8%.

The regular private sector AWE growth experienced an acceleration, reaching 5.4% on a year-over-year basis for the three-month period, surpassing Barclays' estimate of 5.1%. This was a rise from the revised September figure of 4.9%, which had previously been stated as 4.8%.

The revisions for August and September added up to a cumulative 23 basis points, with August seeing an increase of 7 basis points and September 16 basis points. Additionally, the sequential month-over-month rate in October was notably strong at 0.77%.

Moreover, the momentum in regular private sector AWE on a three-month to three-month annualized basis also showed an uptick, with a 1 percentage point increase from 4.6% in September to 5.6% in October.

This data indicates a robust growth in earnings within the UK's private sector for the month.

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Source: Investing.com