Labour Market Outlook· Pay The RF Earnings Outlook Q2 2015 12 October 2015 Laura Gardiner Recent instalments of labour market data have painted a picture of steady but unspectacular growth in nominal wages, combined with zero inflation, producing real average weekly earnings growth above the pre-crisis trend. Labour productivity has started to rise but is essentially unchanged from its 2008 level, fuelling concerns that the pay recovery may prove short-lived once inflation builds, with much ground still to make up. Meanwhile improvements in employment and unemployment appear to have stalled. In this new regular briefing we use 13 key indicators to take a more detailed look at underlying trends and prospects for the future.
