Published byReed

ONS COMMENT: James Reed, Chairman of Reed

“Examining’s data for October, it’s evident that the pace of salary growth is showing signs of moderation compared to earlier months in 2023. With a year-on-year increase of 5.3 percent, October represents the second slowest growth this year."

“Looking at the year as a whole, the figures reveal a gradual decline in the rate of salary increase. Comparing the latest data to earlier months, such as March with a 7.7 percent increase, and May with a 6.8 percent increase, it’s clear that the momentum has tempered.  

“Although this is not the case for all industries. Examining sector-specific trends, the retail sector stands out with an inflation busting 13 percent year-on-year increase in salaries. This is possibly a response to intense staffing pressures in the run-up to Christmas, as demand for festive workers outstrips supply.”