Details of the September 2016 UK labour market and claimant count data report 19 October 2016

  • Prior 2.4k. Revised to 7.1k

  • Aug ILO unemployment rate 4.9% vs 4.9% exp. Prior 4.9%
  • Average weekly earnings 2.3% vs 2.3% exp 3m y/y. Revised to 2.4%
  • Ex-bonus 2.3% vs 2.1% exp. Prior 2.1%. Revised to 2.2%
  • Employment change 106k vs 76k exp. Prior 174k

Not a bad set of numbers and wages hold up very well. The Ex-bonus number is the one that shines. The only minor disappointment is that all-in wages have fallen due to the revision.

The jobs market continues to look solid.

Even the public sector had something to cheer about as wages rose 1.8% vs 1.6% prior. Vacancies stood at 749k vs 750k prior.

In the grand scheme of things this isn't a report to pile into GBP longs but in terms of the economy and Brexit, there's no signs of the immediate post-vote catastrophe some were expecting. The BOE will take full credit for that of course. ;-)

UK wages

UK wages ex-bonus 3m y/y