Pound steady as fresh real wage data is released

<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.

Find out about the pound and forex trading at City Index.

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.