UK March average weekly earnings 3m/y +2.6% vs +2.6% expected
Latest data released by the ONS - 15 May 2018
- Prior +2.8%
- Earnings ex-bonus +2.9% vs +2.9% expected
- Prior ex-bonus +2.8%
- ILO unemployment rate 4.2% vs 4.2% expected
- Prior 4.2%
- Employment change 197k vs 125k expected
- Prior 55k
- April jobless claims change 31.2k vs 7.8k expected
- Prior 11.6k; revised to 15.7k
- April claimant count rate 2.5% vs 2.4% prior
The key data points are within expectations, and sterling jumps a little back to where it was about an hour and a half ago prior to the data release. Cable now up to 1.3540 from about 1.3528 prior to the release.
Not much to be had but the jump in employment change is something positive, though it's a minor component of the report. The key one is wages and it's well within expectations, though the headline reading is lower than the prior report but ex-bonus remains decent.
No fireworks this time around, but as mentioned in the build up to the report, the data here needs to be taken with the inflation report next week to gain the full picture.