April's payroll survey data, which showed a strong increase in average weekly earnings and a modest gain in employment, point to solid second-quarter wages and salaries growth of around 5.0% annualised, up from 2.9% in the first quarter. This supports our view that second-quarter annualised consumption growth improved to around 1.5% from the paltry 0.9% in the prior quarter.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services