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mpc: 7 A31 Whole-economy headline earnings growth, a three-month moving average of the annual monthly rates, had remained unchanged in November, at 4.9%. Both private and public sector headline earnings growth had also remained unchanged. Headline earnings growth in manufacturing had increased to 4.5%, while service sector headline earnings growth had eased slightly to 5.1%. The twelve-month growth rate of earnings had fallen back slightly to 5.0%. A32 Other earnings data had offered contrasting pictures. The Reward index had fallen from 3.5% in November to 3.4% in December. The January REC survey had indicated a sharp rise in earnings growth for permanent staff supplied by job agencies, though growth rates for temporary staff had eased slightly. A33 The Bank's AEI-weighted twelve-month mean measure of whole-economy settlements had been unchanged in December at 3.5%. The three-month whole-economy mean had fallen by 0.4 percentage points to 2.7% in December. This was mostly accounted for by a decline in public sector settlements, which had fallen by 1.0 percentage points to 2.2%. The real value of settlements had fallen back in 1999 Q4, reflecting the rise in RPI inflation. A34 Details of the settlements for NHS workers covered by the NHS Pay Review Body had been announced on 17 January. Overall, the paybill of NHS workers covered by the Review Body was to increase by 3.4%. Details of the settlements for school teachers covered by the School Teachers' Review Body had been announced on 1 February. The paybill of school teachers covered was to rise by 3.3%. Both come into effect on 1 April. A35 The Bank's regional Agents had conducted an informal survey of around 270 firms on the prospects for earnings growth in 2000. Among the contacts sampled that had a company-wide settlement, 21% had expected it to be higher in percentage terms in 2000 than in 1999, while 34% had expected their settlement to fall. But 38% had expected growth in total pay per employee to be higher in 2000 than in 1999, with 26% expecting it to be lower. A36 Respondents had expected that the recruitment and retention of staff, especially in construction, would be the main factor likely to raise earnings growth in 2000. Other notable upward pressures had included productivity and company profitability. The outlook for inflation had been highlighted as the main downward pressure, especially in the retail sector.