Are you better off than last year?

Wednesday 20 August 2014

Stats showing whether talk about economic recovery is actually helping Islanders in their pockets are due to be released later today.

The Average Earnings Index measures income against inflation – the last figures released for June 2013 showed that incomes had risen faster than RPI for the first time in four years, meaning that on average, Islanders were better off than they were 12 months before.

From 2010 to 2012 average wages went backwards in real terms, with inflation cancelling out any pay rises.

The stats are the first of a set of major releases that are due out before the election on 15 October. Some of the stats were due out earlier in the year, but had to be delayed because of trouble with the data being produced by the new population system.

Between now and the election stats on economic performance (measured by GVA), retail sales and employment in different sectors are all due to be released.

The releases between now and the election are:

-       UK/Jersey Price comparisons – 10 September.

-       Retail sales index (Q2 2014) – 17 September.

-       GVA and GNI – 1 October.

-       Labour Market (June 2014) – 8 October.

-       Business Tendency Survey (Q3 2014) – 10 October.

Last year’s figures showed that the sector with the highest average pay was the finance sector, where workers earned an average of £47,840, and that the sector with the lowest pay was hotels, restaurants and bars with an average of £19,760.

The average private sector pay for the same period was £630, while the average public sector pay was £860.