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Using the British New Earnings Survey Panel Data (NESPD), this paper examines male and female real wage cyclicality over the period 1975–2001. Estimation is undertaken separately for job stayers and job movers. 'Stayers' are defined with respect to single jobs within the company, while 'movers' refers to individuals changing jobs both within and between companies. Core estimates concern real hourly standard wage rates. Additional features include differentiating between manual and non‐manual workers and distinguishing between hourly wage rates and hourly wage earnings.

This paper shows that wage–unemployment elasticities derived from estimated wage curves and Phillips curves may be critically dependent on the measurement of wages. Incorporating hourly wage earnings that include the influence of overtime payments can lead to seriously distorted results. Meaningful elasticities are obtained only if hourly standard wages form the basis of analysis. Work is based on a unique data set describing two homogeneous blue–collar occupational groups—skilled fitters and unskilled labourers—in the British engineering industry. Each group is also divided into timeworkers and piece–rate workers. Data are aggregated into a panel of 28 local labour markets and cover the highly contrasting periods 1928–38 and 1954–66.