• Prior 3.8%
  • January employment change -21k vs 10k expected
  • Prior 72k
  • January average weekly earnings +5.6% vs +5.7% 3m/y expected
  • Prior +5.8%
  • January average weekly earnings (ex bonus) +6.1% vs +6.2% 3m/y expected
  • Prior +6.2%
  • February payrolls change 20k
  • Prior 48k; revised to 15k

The good news is that payrolled employment continues to stay positive in the UK for the time being. The slight tick higher in the jobless rate comes after the dip in the previous month. There's not much to comment about that as ONS is perhaps still finding a balance in its reweighted methodology.

As for wages data, there is some light moderation but nothing that will hasten the BOE to cut rates for now.