• Prior 97k; revised to -4k
  • July ILO unemployment rate 4.3% vs 4.3% expected
  • Prior 4.2%
  • July employment change -207k vs -185k expected
  • Prior -66k
  • Average weekly earnings +8.5% vs +8.2% 3m/y expected
  • Prior +8.2%
  • Average weekly earnings (ex bonus) +7.8% vs +7.8% 3m/y expected
  • Prior +7.8%

This is not the sort of report that will do the BOE any good. Wages continue to stay hot with the nominal reading moving higher in July but then we are seeing payrolls slump (alongside a negative revision) while the jobless rate ticked slightly higher. The latter is a sign of softening in labour market conditions.

The pound jumped a little higher initially as the data was released in piecemeal, with wages coming in first. Cable was up to around 1.2530 before settling near flat now at 1.2510 again on the day.