National Statistics

Measures Change in the price businesses and the government pay for labour, including bonuses; Usual Effect Actual > Forecast = Good for currency;

Frequency Released monthly, about 45 days after the month ends;

Data represents the 3-month moving average compared to the same period a year earlier. A figure that excludes bonuses is also released, but not included for lack of significance. Source changed series calculation formula as of Jan 2010;

Why Traders Care It’s a leading indicator of consumer inflation – when businesses pay more for labour the higher costs are usually passed on to the consumer;

Also Called Average Earnings Including Bonuses;