LONDON — UK wages and job postings continue to increase despite the economic uncertainty surrounding Brexit, according to job site CV-Library.
The research found that average salaries rose 1.9% year-on-year in February, slightly above the national inflation rate of 1.8%.
The Bank of England’s quarterly inflation report, published in February, predicted an annual growth of 3.5% this year, above a projected inflation rate of 2.8%.
The news comes after several major forecasters admitted errors in their forecasting which suggested the UK economy would be less resilient than it has proven to be. American investment bank Morgan Stanley said in January that it was “eating humble pie” over its prediction that Britain would fall into immediate recession when it voted to leave the European Union.
Several important UK industries saw a significant uptick on CV-Library’s index: automotive wages were up 9.1%, those in the property sector up 8.7%, and manufacturing up 7.7%.
Here are the UK cities where salaries grew the fastest over the month:
Job postings on the site also increased, with vacancies growing 7.6% nationwide — a further sign that national business optimism remains relatively buoyant.
Lee Biggins, founder of CV-Library, said in a statement: “With businesses keen to attract only the best candidates to their roles, it’s positive to see that companies across the UK are pushing their salaries up in order to offer competitive pay packages to talented recruits.
“With more and more organisations putting out job adverts, competition to attract skilled workers is fierce. The offering of strong pay packages is clearly one tactic that companies are using in an effort to stay one step ahead of their competition.”