UK February average weekly earnings 3m/y +2.8% vs +3.0% expected

Author: Justin Low | Category: News

Latest data released by ONS - 17 April 2018

  • Prior +2.8%
  • Earnings ex-bonus +2.8% vs +2.8% expected
  • Prior ex-bonus +2.6%
  • ILO unemployment rate 4.2% vs 4.3% expected
  • Prior 4.3%
  • March jobless claims change +12k vs +5k expected
  • Prior +9k; revised to +15.1k
  • March claimant count change 2.4% vs 2.4% prior
A miss on estimates for wages, and according to ONS, that means in real terms weekly earnings are still in negative territory relative to CPI inflation reading - but against the HICP inflation reading, it's the first positive reading since March 2017.

Sterling falling a little on the data, but take heed that this reading will have to be viewed together with the inflation report tomorrow and retail sales data to come on Thursday - so the overall picture is not done and dusted just yet.

Cable now down to 1.4354, EUR/GBP up to 0.8637, and GBP/JPY down to 153.55 after the data release. I reckon there would be buyers looking for dips still given the recent uptrend. But the data miss here should shake off some of those with a weak hand for now.

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