Latest data released by ONS - 11 December 2018
- Prior +3.0%; revised to +3.1%
- Earnings ex-bonus +3.3% vs +3.2% 3m/y expected
- Prior +3.2%
- ILO unemployment rate 4.1% vs 4.1% expected
- Prior 4.1%
- November jobless claims change 21.9k vs 20.2k prior
- November claimant count rate 2.8% vs 2.7% prior
Those are some pretty hot numbers there on wages. Regular pay in nominal terms has not been higher since the three months from September to November 2008. Meanwhile, in real terms regular pay has increased by 1.0% and that's the highest growth rate since December 2016. This at least shows that the strain felt by British households are likely to be less and that bodes well for consumption in the coming quarters.
The pound is barely reacting to the release here though, with cable jumping to a high of 1.2638 before slipping back now to 1.2620 levels; basically unchanged. As mentioned in the data docket preview, economic data releases are very much secondary at this juncture. It's all about Brexit now.
