UK wages
  • Prior 23k; revised to 20k
  • May ILO unemployment rate 4.0% vs 3.8% expected
  • Prior 3.8%
  • May employment change 102k vs 125k expected
  • Prior 250k
  • May average weekly earnings +6.9% vs +6.8% 3m/y expected
  • Prior +6.5%; revised to +6.7%
  • May average weekly earnings (ex bonus) +7.3% vs +7.1% 3m/y expected
  • Prior +7.2%; revised to +7.3%

There's a bit of give and take in the report here as payroll estimate falls for the first time since February 2021, though this is a preliminary estimate and may be adjusted later on. The jobless rate also ticked higher and that isn't a positive sign but wages continue to run hot, so that should vindicate the BOE to keep on the tightening path at the moment.

The pound is moving higher as a result of the hot wages numbers again, with GBP/USD up from around 1.2870 to 1.2895 currently.