For the same time frame, a whopping 126,000 have lost their jobs. Taking into account that the workforce continues to grow by 51,000, unemployment actually rose by 177,000.
Take a look at the chart below. The grey line shows growth in average earnings for the whole economy from 1997 to date. For the three months to February, this has fallen from 3.5% to 3.2%. That may not sound massive, but it’s the lowest it’s been since 2001 (circled).
What really stands out, though, is the impact of the ‘bonus effect’. The red line shows how growth in earnings including bonuses has dipped severely to a measly 0.1%. Two months ago it was 3% - now it’s next to nothing.
The ‘bonus effect’ will further hit demand for luxury goods and services 
Financial sector jobs are the most bonus-heavy. When the global economy starts to recover, and banks start making big money again, bonuses could start picking up. But for now, they remain the credit crunch scapegoat and are being scrapped left, right and centre.
We don’t see bonuses ever returning to pre-crisis levels. The Centre for Economics and Business Research (CEBR) agrees. It also estimates that half of bankers' annual awards are ploughed into property. The severe drop-off in bonus income means that extra purchasing power is now gone.
Yet another blow for the housing market and luxury goods sector...
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