UK August average weekly earnings 3mth/yy 2.2% vs 2.1% exp

Author: Mike Paterson | Category: News

Latest UK wages and jobs data now out 18 Oct

  • 2.2% prev revised up from 2.1%
  • weekly earnings ex bonus 2.1% vs 2,0% vs 2.2% prev revised up from 2.1%
  • Sept jobless claims change 1.7k vs -0.2k prev revised from -2.8k
  • claimant count rate 2.3% as prev
  • employment change 3m/3m 94k vs 148k exp vs 181k prev
  • unemployment rate 4.3% as exp/prev
Seemingly bullish headline but real terms wage lags and being outstripped by inflation will remain a concern to the BOE on rate hike deliberations.

That's being reflected in GBPUSD spike to 1.3218 and now back in retreat. Thank-you algos once again. Easy pips if you're not greedy

Says the ONS:
  • In real terms, avg weekly earnings fell 0.4% on previous year (ex-bonus) and 0.3% (incl. bonus)
  • Employment growth 3M/3M driven predominantly by women
  • 3M to August saw 78K women in employment versus 3-months earlier
  • Overall employment growth not as strongs as last month
  • Vacancies up 3K on the quarter to 783K, near-record level
  • Inactivity rate down 17K on quarter to 8.81M
Full ONS report here