• Prior 33k; revised to 39k
  • October ILO unemployment rate 4.2% vs 4.2% expected
  • Prior 4.2%
  • October employment change 50k
  • Prior 54k
  • October average weekly earnings +7.2% vs +7.7% 3m/y expected
  • Prior +7.9%; revised to +8.0%
  • October average weekly earnings (ex bonus) +7.3% vs +7.4% 3m/y expected
  • Prior +7.7%; revised to +7.8%

At first glance, the drop in payrolls and weaker wages should reinforce a further pause by the BOE. That indicates that wage pressures are easing a slight bit while labour market conditions are also starting to show signs of softening. However, the jobless rate is keeping steady so that is the more vital takeaway when trying to gauge the latter. GBP/USD is nudged lower from 1.2580 to 1.2560 before keeping around 1.2570 now.