Latest data released by ONS - 12 November 2019

  • Prior +3.8%; revised to +3.7%
  • Average weekly earnings (ex bonus) +3.6% vs +3.8% 3m/y expected
  • Prior +3.8%
  • ILO unemployment rate 3.8% vs 3.9% expected
  • Prior 3.9%
  • Employment change -58k vs -102k expected
  • Prior -52k

  • October jobless claims change 33.0k
  • Prior 21.1k; revised to 13.5k
  • October claimant count rate 3.4%
  • Prior 3.3%

Wage growth is seen slowing down a little but I think the notable thing in the report here is that we're seeing employment fall further (-58k). The figure there is the biggest fall in the three months to May 2015.

If anything, it continues to highlight a bit of a contrast in the UK labour market report. Wages are still relatively robust despite some a minor drop in recent months but employment figures are showing signs of further decline.

That said, all of this matters little for the pound at the moment as Brexit uncertainty continues to put the BOE on the sidelines. It's all about the election now.

Cable is seen steady around 1.2825-35 on the report release, after having moved off lows of 1.2816 earlier in the session.