Latest data released by ONS - 16 June 2020
- Prior 856.5k; revised to 1,032.7k
- Claimant count rate 7.8%
- Prior 5.8%
- April ILO unemployment rate 3.9% vs 4.7% expected
- Prior 3.9%
- April average weekly earnings +1.0% vs +1.3% 3m/y expected
- Prior +2.4%; revised to +2.3%
- April average weekly earnings (ex bonus) +1.7% vs +1.9% 3m/y expected
- Prior +2.7%
Slight delay in the release by the source. Jobless claims aren't as high as they were in April (peak of the lockdown and fallout from the virus outbreak) but they are still relatively elevated from a historical perspective as seen by the chart.
That once again reaffirms the impact of the virus outbreak and the weaker wages data will only serve to create more of a headache for the BOE as that will weigh on inflation.
The pound is holding steady on the release with cable seen at 1.2660 still, a little over 0.4% higher on the day amid a weaker dollar on the better risk mood.
