Pound steady as fresh real wage data is released
City Index November 7, 2012 5:15 PM
<p>The pound is steady versus the dollar as real wage data shows employees earn 62 per cent more now than in 1986.</p>
Sterling is steady in forex trading this morning (November 7th) after official data concerning real wages revealed the average full-time employee earns 62 per cent more than in 1986, after taking into account price rises using the Consumer Prices Index.
The Office for National Statistics (ONS) found that the lowest paid full-time workers had a higher-than-average real wage increase of f70 per cent over this period.
However, since the economic downturn in 2008, wages have not kept pace with rising prices and a ratio of the highest to lowest earners shows wage inequality increased between 1986 and 1998 – but fell after the introduction of the National Minimum Wage.
Among the highest paid occupations are engineers and aircraft pilots, followed by chief executives and senior officials, while bar staff, waiters and catering assistants earned the least.
London has the largest wage inequality across the regions, while Wales boasts the smallest ratio.
At 11:00 GMT, the pound was stable versus the dollar at £1 buying $1.600, while it slipped against the euro to €1.245.
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