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27th Jan 2025 10:09UKDaily Monitor

  • Average earnings growth was surprisingly strong in November, even accounting for statistical noise.
  • PAYE signals a 4.8% annualised month-to-month gain in private-sector ex-bonus AWE in December 2024.
  • Slowing settlements are consistent with private AWE growth easing to 4.0% in Q4 2025, matching our call.

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Keywords for: 28 January 2024 UK Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence