Editor's message: HR and reward professionals need to keep track of inflation rates, labour market data and other key indicators to understand the context in which their organisation is recruiting, retaining and rewarding their employees.
Official statistics from the Office of National Statistics show that despite slow economic growth, the labour market has held up well and unemployment has fallen. With both CPI and RPI inflation at low levels, this has yet to feed through into upward pressure on pay awards or earnings.
Sheila Attwood, managing editor, pay and HR practice
Updated to include official statistics from the ONS on average weekly hours worked in the UK for the three months to the end of September 2016. The next ONS release date is 16 November 2016.
Updated to include the latest official statistics from the ONS on headline unemployment and the claimant count, and labour market forecasts from HM Treasury and Manpower Group. The next ONS release date is 16 November 2016.
Engineering pay awards stabilise at 2%, despite shaky industry confidence.
The food, drink and tobacco sector pay awards held steady over the past year, matching the UK as a whole.
There has been a marked slackening in the pace of pay setting in the professional and business services sector over the past year.
Retail and wholesale pay awards have remained constant at 2% in the face of the introduction of the national living wage and fluctuating sector performance.
Pay awards slacken in the transport and storage sector, but some skills shortages prevail.
While industrial relations issues have hit some parts of the sector, others are trying to make the most of the downturn in the oil and gas market.
With continued shortages of skilled construction workers, it should come as no surprise that the sector's pay levels have held up well over the past year with the median increase pitched above those for the economy as a whole.