A weak and contractionary result for the manufacturing gauge in December, according to AiG.
But more manufacturing firms are lifting wages, with the wages sub-index now up to 64.2.
Source: AiG
In turn this should flow through to growth in the wage price index.
Source: AiG
This is a set to be another key theme for 2019.
With record exports values, record business profits, and stronger nominal GDP growth, wages should rise from here.
And underlying inflation looks set to be very weak, so in real terms pay should be on the up...finally.
