- Prior -20.4k. Revised to -25.1k
- October ILO unemployment rate 6.0% vs 5.9% exp. Prior 6.0%
- Average weekly earnings 1.4% vs 1.2% exp y/y. Prior 1.0%
- Earnings ex-bonus 1.6% vs 1.5% exp y/y. Prior 1.3%. Revised to 1.2%
- Employment change 3m/3m 115k vs 137k exp. Prior 112k
Another rise in wages will put the hawks on alert. A little disappointing that the unemployment rate hasn’t fallen as the incumbent government will like to put jobs firmly near the top of next years election campaign. Decent revision to the claimant number but a tick lost on wages ex-bonus.
Cable virtually unchanged after a little mooch between 1.5696 and 1.5730. It’s a steady report and par for the course. I’ll see if there’s any stories within the numbers.
Unemployed people dropped by 63k to 1.96m in the 3 months to October and was the lowest quarterly fall since July-Sep 2013. Public sector employment fell by 302k y/y to Sep while in the private sector it rose 890k. There was a big skew in the numbers after the reclassification of Royal Mail and excluding that the public sector lost 49k and private added 637k. The public accounted for 17.6% of total employment, private 82.4%
Total hours rose 0.7% 3m/3m and +2.3% y/y
UK labour market report wages 17 12 2014
Wages are back above CPI and will be used in political wrangling but we know that’s a crock of crap as it’s CPI falling that’s making that happen. Expect plenty of blab on the cost of living being higher than inflation blah blah blah
UK labour market report 17 12 2014
