UK December payrolls change 28k vs 107k prior

• Prior 107k; revised to 70k
• November ILO unemployment rate 3.7% vs 3.7% expected
• Prior 3.7%
• November employment change 27k vs 5k expected
• Prior 27k

• November average weekly earnings 6.4% vs 6.2% 3m/y expected
• Prior 6.1%
• November average weekly earnings (ex bonus) 6.4% vs 6.3% 3m/y expected
• Prior 6.1%

The number of payrolled employees in the UK increased by 28,000 (0.1%) in December, with there being a slight downwards adjustment to the November figure. Over the course of the year, there was an increase of 676,000 people in the workforce so that's a solid estimate for how labour market conditions are holding up.

That said, I would like to keep highlighting the fact that while wages growth continues to be largely positive, it isn't so much the case when adjusted for real terms - which remains deeply in negative territory:

That tells a better story about the UK's cost-of-living crisis in my view.

/GBP GBP The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth Read this Term