Home > UK GDP > On UK Hourly Wages

On UK Hourly Wages

For Scott: I thought I’d done a post on this before but I had only prepared the graphs.  The ONS does not have an “official statistic” for nominal hourly wages, but they do publish some data in a spreadsheet in the Labour Market stats, which is updated quarterly.  The latest data available is from November 2012 [Excel spreadsheet], and comes with this caveat:


Gross weekly and hourly earnings data are known to be underestimated in the LFS. This is principally because of proxy responses.

Also, respondents whose hourly pay is £100 or over are excluded from the estimates.

Graphing Scott’s preferred metric of tight money, mean nominal hourly wages to per capita NGDP works out as follows:

UK Hourly Wages to Nominal GDP

UK Hourly Wages to Nominal GDP

For that graph, I used the mean hourly wages from the above spreadsheet, the NGDP nominal GVA data from ONS series ABML [edit: note this is Nominal GVA at basic prices] and a population count from ONS series MGSL, which is 16+ population.  This is not ideal since both MGSL and the hourly wage data are not seasonally adjusted, whereas YBHA is.  If there is better data available please let me know!

The above is not a perfect fit for the unemployment rate, but it’s not bad.

UK Unemployment Rate.

UK Unemployment Rate. Source: ONS Series MGSX

Categories: UK GDP
  1. January 28, 2013 at 16:08

    Brit, very informative post. As far as economics allows “perfect fits”, this is one!

  2. xyz
    January 28, 2013 at 16:38

    Britmouse, do you have an email address?

  1. January 28, 2013 at 15:18
  2. January 28, 2013 at 20:35
  3. February 9, 2015 at 22:56
  4. February 10, 2015 at 00:26
  5. February 10, 2015 at 01:18
  6. February 10, 2015 at 11:47

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: