Average Weekly Earnings in the UK Surged Above Expectations in October

In the United Kingdom, average weekly earnings data for October showed a significant increase, surpassing expectations. In the three-month period ending in October, the regular all-economy Average Weekly Earnings (AWE) growth rose to 5.2% on a year-on-year basis. This rate exceeded both Barclays' forecast of 5.0% and Bloomberg's consensus estimate of the same percentage.

This increase indicates a rise from the initially reported 4.8% in September, which was later revised up to 4.9%. The regular private sector AWE growth accelerated to 5.4% on a year-on-year basis during the three-month period, surpassing Barclays' 5.1% forecast. This marks an increase from the previously reported 4.8%, which was revised to 4.9% for September.

Revisions for August and September accounted for a total increase of 23 basis points, consisting of a 7 basis point increase in August and a 16 basis point increase in September. Additionally, the month-on-month sequential rate for October remained strong at 0.77%.

Moreover, the annualized momentum rate of the regular private sector AWE on a three-month basis also increased, rising from 4.6% in September to 5.6% in October. These figures indicate that earnings in the UK's private sector are growing strongly.