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What Industries Have Seen the Smallest Increase in Wages?
New research conducted by UK trading platform CMC Markets reveals the UK industries that have had the smallest increase in wages. By analysing the latest release from the Office for National Statistics (ONS) and featuring results from ONS’ Wages and Salaries Survey since January 2000, the Financial & Insurance Activities industry is top of the table.
Industry-by-Industry Wages Increases in More Detail
1. Financial & Insurance Activities Industry
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.
2. Real Estate Activities Industry
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.
3. Arts, Entertainment & 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.
4. Other Service Activities Industry
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%
5. Wholesale Trade industry
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%.
| # | Industry | Jan 2023 Average Weekly Earnings | Jan 2022 Average Weekly Earnings | 1 Year Change | 5 Year Change | |
| 1 | Financial & Insurance Activities | £1,746 | £1,649 | -5.88% | 19.10% | |
| 2 | Real Estate Activities | £647 | £629 | -2.86% | 19.71% | |
| 3 | Arts, Entertainment & Recreation | £448 | £439 | -2.05% | 14.81% | |
| 4 | Other Service Activities | £442 | £448 | 1.34% | 14.51% | |
| 5 | Wholesale Trade | £768 | £779 | 1.41% | 23.36% | |
| 6 | Agriculture, Forestry & Fishing | £419 | £427 | 1.87% | 9.13% | |
| 7 | Manufacturing – Textiles, Leather & Clothing | £463 | £473 | 2.11% | 14.80% | |
| 8 | Construction | £693 | £716 | 3.21% | 16.20% | |
| 9 | Manufacturing – Food Products, Beverages & Tobacco | £574 | £594 | 3.37% | 16.50% | |
| 10 | Retail Trade & Repairs | £364 | £378 | 3.70% | 14.29% |
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