The Office for National Statistics (ONS) and HM Revenue and Customs (HMRC) have today published their latest joint report, "Earnings and employment from Pay As You Earn Real Time Information, UK: June 2026". These monthly statistics offer a timely snapshot of the UK's labour market, detailing the number of payrolled employees and their corresponding earnings across the nation. The data, derived from HMRC's Pay As You Earn (PAYE) Real Time Information (RTI) system, is considered a key indicator for economic analysts and policymakers.
The release provides both non-seasonally adjusted and seasonally adjusted figures, allowing for a more accurate comparison of trends over time by removing the influence of regular seasonal patterns. This comprehensive approach helps to identify underlying shifts in employment and pay, which are vital for understanding the broader economic landscape. The report also includes a revision triangle, offering transparency on any past adjustments to the data.
Originally scheduled for 16 June 2026, the publication was delayed by two days to 18 June. This adjustment was made at the request of the Scottish Government, in observance of a national bank holiday in Scotland on Monday, 15 June. This adheres to the ONS's policy, established in March 2020, to avoid public holidays when scheduling statistical releases, ensuring wider accessibility and consideration.
For UK households, these figures provide crucial context for personal financial planning. Stronger earnings growth could offer some relief from the persistent cost of living pressures, potentially boosting consumer confidence and spending. Conversely, stagnant or declining pay could exacerbate financial strain, particularly for those grappling with rising interest rates on mortgages and other borrowing.
Businesses will be closely scrutinising the employment data for insights into labour availability and wage pressures. A tightening labour market, often indicated by higher employment figures, can lead to increased competition for skilled workers and upward pressure on salaries. This, in turn, can impact operational costs and profitability. Investors, including those in the FTSE 100, often look to these labour market indicators for signals about economic health, which can influence investment decisions and market sentiment. Higher employment and earnings can suggest a robust economy, potentially supporting company revenues and share prices, though this is not guaranteed.
The Bank of England will also factor these statistics into its ongoing assessment of inflation and monetary policy. Significant shifts in payrolled employment or average earnings can influence the Bank's decisions regarding the base interest rate, which directly affects mortgage holders, savers, and the wider economy. Persistent wage growth, for instance, might be seen as inflationary, potentially leading to a more hawkish stance on interest rates.
Source: HM Revenue and Customs and Office for National Statistics