- Prior -27.4k. Revised -32.8k
- Employment change 254k vs 243k exp 3m/3m. Prior 345k
- May ILO unemployment rate 6.5% vs 6.5% exp. Prior 6.6%
- May average weekly earnings 0.3% vs 0.5% exp 3m y/y. Prior 0.7%. Revised to 0.8%
- Ex bonus 0.7% vs 0.8% exp 3m y/y. Prior 0.9%
GBP/USD falls 30 odd pips from 1.7141
The ex bonus earnings number was the slowest on record and the norman earnings was the slowest 3 months since May 2009
The ONS say that weekly earnings in May were still being affected by late payments of bonuses in 2013 which is difficult to interpret. Meaning they haven’t got a clue.
Either way it’s good news on the claimant count and unemployment rate but the market is looking for inflationary pressures and there’s none here.
I’ll have to look into what the ONS are saying about bonuses as it could be that the earnings are even worse if they are counting deferred 2013 bonuses into these numbers.
UK average weekly earnings 16 07 2014
