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