According to this article, average UK private sector wages contracted by 7.7 % in February compared to Feb last year. That's per worker, i.e. it doesn't yet factor in that the number of jobs decreased as well.
(For comparison: Public sector wages increased 3.2 %, and consumer price inflation was 2.9 %)
The number becomes a bit less shocking once you realize that February is prime bonus season in financial services, and average bonuses dropped 60 % yoy. According to the article, it is estimated that wages excluding bonuses stayed flat.
Isn't it amazing that 2008's financial sector bonuses apparently accounted for 13 % of total UK wages paid in the month of February? (-> drop of 60 % leads to overall drop of 7.7 %).
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