UK July average weekly earnings 3mth/yy 2.1% vs 2.3% exp

Author: Mike Paterson | Category: News

UK wages and jobs data now out  13 Sept

  • 2.1% prev
  • weekly earnings ex bonus 2.1% vs 2.2% exp vs 2.15 prev
  • August claimant count rate 2.3% as prev
  • Aug ILO unemployment rate 4.3% vs 4.4% exp/prev
  • jobless claims change -2.8k vs -2.9k prev revised from -4.2k
  • employment change 3mth/3mth 181k vs 150k exp vs 125k prev

GBPUSD lower on the headline at 1.3278 EURGBP up to 0.9025

Better jobs data not key, as ever, in the evaluation process here.

Say the ONS:

  • Unemployment rate falls to lowest since 1975
    - Real average weekly earnings fell 0.4% in 3M to July, both including & excluding bonuses versus year-ago
    - Employment change (181K) saw biggest gain since Oct-Dec 2015, when it rose by 205K
    - Inactivity rate hits a record low, down 0.3% q/q to 21.2%
    - Vacancies down 7K on the quarter to 774K
    - Underemployment rate declined 0.7% q/q, its lowest since 3M to September 2008

GBP buyers won't be put off too much though given the wages data is same as prev albeit below expectations. Still lagging behind inflation growth though so will keep the BOE in cautious mood imho.

Full report from ONS here

                                                 UK weekly wages mm