Latest data released by ONS - 19 March 2019
- Prior +3.4%; revised to +3.5%
- Average weekly earnings (ex-bonus) +3.4% vs +3.4% 3m/y expected
- Prior +3.4%
- ILO unemployment rate 3.9% vs 4.0% expected
- Prior 4.0%
- Employment change 222k vs 120k expected
- Prior 167k
- February jobless claims change 27.0k
- Prior 14.2k; revised to 15.7k
- February claimant count rate 2.9%
- Prior 2.8%
The data has been released almost 12 minutes earlier than scheduled. Those are overall solid numbers with the employment change showing the biggest rise since 3 months to November 2015. Meanwhile, the jump in the headline earnings growth also shows the biggest increase since mid-2008.
Looking at the details, January alone shows a reading of +3.7% y/y for the average weekly earnings. Once again, wages are solid and the labour market is holding up well but all this matters little as Brexit remains the key agenda for the pound.
Cable rose to a high of 1.3283 on the headline but gains were quickly tempered with as price now sits at 1.3265.
