UK October average weekly earnings 2.7% vs 2.2% 3m/y expected

Author: Giles Coghlan | Category: News

ONS - December 15 

US Oil

  • Prior +1.3%; revised to 
  • Average weekly earnings (ex bonus) 2.8% vs +2.6% 3m/y expected
  • Prior +1.9%
  • ILO unemployment rate 4.9% vs 5.1% expected
  • Prior 4.8%
  • Employment change -143k vs -250k expected
  • Prior -58k
  • October jobless claims change 64.3k
  • Prior -29.8k
  • October claimant count rate 7.4%
  • Prior 7.3%

Slight delay in the release by the source. Jobless claims rose, but employment falls were better than the expected -250K. The furlough scheme has done its job and shielded the UK from larger job losses. Annual pay growth add to the recovery as more workers return from furlough but relative to historical levels, the readings are still  subdued. However, the jobless claims have risen and that will be a worry if it continues on that trajectory. 

GBP unmoved as expected. Brexit remains the focus.
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