- Prior -18.6k. Revised to -18.4k
- Sep ILO unemployment rate 6.0% vs 5.9% exp. Prior 6.0%
- Average weekly earnings 3m/3m 1.0% vs 0.8% exp y/y. Prior 0.7%
- Earnings ex-bonus 3m/3m 1.3% vs 1.1% exp. Prior 0.9%
- Employment rises 112k to 30.793m
Bit of a mixed bag, lower claimant count slightly followed by a higher unemployment rate than expected and a decent jump in wages. On first glance that might take some dovish expectation off the table into the inflation report.
Public sector pay helps push the headline number up. If I was a cynical sod I’d say there was probably an election coming up
UK labour market report wages 12 11 2014
UK labour market report average weekly earning y/y 12 11 2014
Overall it’s a decent report and with the slowdown we’ve seen in the economy I was looking for the risk of starting to see a slowdown in the jobs market. That still might come but there’s nothing in here that is going to worry the BOE just yet. Watch this jump in wages become a fairly hot topic in the inflation report.