Wages up around 7pc
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WAGE rises transport and communications have been above the average in manufacturing firms, according to figures for the first five months of the year.
Information from the Confederation of British Industry's Pay Databank shows that pay settlements in manufacturing firms have averaged 6.5 per cent so far this year.
But the CBI says that transport and communications settlements have remained at an average of just over seven per cent.
Transport and communications includes not only road haulage, but shipping and air transport. The CBI's figures do not divulge road haulage's rate of settlement within the seven per cent. The CBI says that the provisional average for the second quarter for settlements in manufacturing firms is 6.5 per cent — the same as that for die first quarter — and this suggests a broadly flat trend similar to that which was apparent throughout last year.
The CBI also suggests generally that pay settlements are being fixed according to the different economic circumstances of individual firms.
Overall the pressure of competition on margins and the inability of firms to increase their prices remain the most influential downward pressure on pay settlements, the CBI says. Low profits remain the second most influential downward pressure, it claimed.