Manufacturing sector pay growth 'falls steeply'
Take home pay in the manufacturing sector is growing at its slowest rate for four years, research has revealed.
The annual rate of pay growth in the sector fell steeply during January, dropping from 2.4 per cent in December to 1.4 per cent - its lowest level since September 2004, according to payments group VocaLink.
The group, which processes 90 per cent of UK salaries, said the subdued rate reflected the sharp contraction in the UK manufacturing sector as it suffered its worst recession since 1980.
By contrast, pay growth in the services sector remained broadly stable, at an annual rate of 3.1 per cent, compared with one of 3 per cent in December.
The overall take home pay index, which measures annual pay growth across both sectors, fell to its lowest level since November 2006 of 2.7 per cent, down from 2.9 per cent during the previous month.