Average Weekly Earnings In Great Britain - February 2024

13th February 2024

Annual growth in regular earnings (excluding bonuses) was 6.2% in October to December 2023, and annual growth in employees' average total earnings (including bonuses) was 5.8% in October to December 2023.

Annual growth in real terms (adjusted for inflation using the Consumer Prices Index including owner occupiers' housing costs (CPIH)) for total pay rose on the year by 1.4% and for regular pay rose on the year by 1.8% in October to December 2023.

Annual average regular earnings growth for the public sector was 5.8% in October to December 2023, which is not as high as it has been in recent periods but remains relatively strong; for the private sector this was 6.2%, with growth last lower than this in May to July 2022 (6.0%).

The wholesaling, retailing, hotels and restaurants sector saw the largest annual regular growth rate at 7.2%; the manufacturing sector and finance and business services sector both followed at 6.9% and 6.7%, respectively.

Analysis of average weekly earnings
Average weekly earnings (AWE) were estimated at £669 for total earnings and £626 for regular earnings in December 2023. Figure 1 shows that average weekly earnings have steadily increased over the long term.

The annual growth for regular earnings (excluding bonuses) was 6.2% in October to December 2023. Annual growth in employees' average total earnings (including bonuses) was 5.8% in October to December 2023.

Our headline growth rate is the annual change between the latest three-month period and the same three months one year ago. This means that, in some areas, the latest months are currently compared with low base periods before the high pay rises were given over the last year, which are partly a reaction to high inflation and the cost-of-living crisis. Looking at annualised growth rates over the short term can help assess more recent earnings trends. If we compare the latest three months with the three months that preceded them, and then annualise this growth rate, nominal regular average weekly earnings grew by 2.2%.

This shows that if we look at growth over the short term, it is not as strong as when comparing over a full 12-month period when regular earnings grew by 6.2%. We will continue to publish our headline estimate using the annual year-on-year growth rate, but this provides further context on shorter-term changes for users.

In real terms (adjusted for inflation using the Consumer Prices Index including owner occupiers' housing costs (CPIH)), in October to December 2023, total real pay rose by 1.4% on the year, similar to the previous 3-month period. Regular real pay rose by 1.8% on the year; it was last higher in July to September 2021 when it rose by 2.2%.

As inflation has reduced over the past few months, we are now seeing real growth rates increase on the year.

Read the full ONS report HERE