New research has revealed the UK industries that have had the smallest increase in wages, with some industries even seeing a decrease.
The study by UK financial services provider CMC Markets analysed the latest release from the Office for National Statistics, featuring results from their Wages and Salaries Survey since January 2000.
It found that the Financial & Insurance Activities industry has seen a drop in average wages in one year. In January 2022, average weekly earnings sat at £1,746 for the industry, which went down to £1,649 in January 2023, a decrease of 5.88%. However, the industry has seen a five year increase of 19.10% on average wages.
The Real Estate Activities industry takes second on the list. Weekly earnings in the industry decreased from £647 to £629 between January 2022 and January 2023, which is a percentage decrease of 2.86%. The industry, however, has seen a 19.71% rise in weekly earnings in the last five years.
Coming in third place is the Arts, Entertainment, and Recreation industry. Between January 2022 and January 2023, the average weekly earnings in the industry dropped from £448 to £439, a percentage decrease of 2.05%. The study found the five year change to be an increase of 14.81% as well.
Taking fourth place on the list is the industry for Other Service Activities, which includes activities like tech repairs, hairdressing, dry cleaning, and more. Average weekly earnings went from £442 in January 2022 to £448 in January 2023, a percentage increase of 1.34%, making it the industry where wages have changed the least. The five-year change in wages in the industry was also an increase of 23.36%
Rounding out the top five is the Wholesale Trade industry, which has seen weekly earnings rise from £768 in January 2022 to £779 in January 2023, an increase of just 1.41%. Over the past five years, average weekly earnings have also risen 23.36%.
The study was conducted by CMC Markets, a UK-based financial services company that offers online trading in shares, spread betting, contracts for difference, and foreign exchange across world markets.
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