UK Jan average weekly earnings 3mth-yr 2.8% vs 2.6% exp

UK Jan average weekly earnings 3mth-yr 2.8% vs 2.6% exp

Latest UK wages/jobs data now out 21 March

  • earnings ex bonus  2.6%  vs  2.6% exp vs 2.7% prev revised up from 2.5%
  • claimant count rate 2.4% vs 2.3% prev
  • jobless claims change +9k vs -5k exp vs -7.2k prev
  • unemployment rate  4.3% vs 4.4% exp/prev

Stronger report all round on the wages front with core wages steady if not rising and that will please the BOE as per my preview.Data isn’t the only game in town right now. Solid readings though nonetheless with jobs mostly rebounding after last months wobble but higher claimant count a concern still.

Says the ONS:

  • Latest estimates show that average weekly earnings for employees in Great Britain in real terms (that is, adjusted for price inflation) fell by 0.2% excluding bonuses, but were unchanged including bonuses, compared with a year earlier.

  • There were 1.45 million unemployed people (people not in work but seeking and available to work), 24,000 more than for August to October 2017 but 127,000 fewer than for a year earlier.

  • The unemployment rate (the proportion of those in work plus those unemployed, that were unemployed) was 4.3%, down from 4.7% for a year earlier and the joint lowest since 1975.

Full report

GBPUSD higher but still failing to get through the 1.4065 res/offers I’ve highlighted again this morning. EURGBP fallen to session lows of 0.8731 having chewed through the 40-45 support. GBPJPY 149.35 after capping into 149.50.

Let’s see if we get a second wave of GBP demand, if not then it’s as we were range-wise.

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