Uk jobs and wages data now out 16 Aug
- 1.9% prev revised up from 1.8%
- ave earnings ex-bonus 2.1% vs 2.0% exp/prev
- claimant count rate 2.3% as prev
- jobless claims change -4.2k vs 3.5k prev revised from 5,9k
- employment change 3m/3m 125k vs 97k exp vs 175k prev
- ILO unemployment rate 4.4% vs 4.,5% exp/prev
Stronger wages data helps lift the pound but perversely lessens the chance of a BOE rate hike IMHO given that it lessens the need to curb an already falling inflation.
One point of concern will be the large contrbution from financial sector bonus payments in this reporting period and fall in real wages by 0.5%
Jobs data in positive mode again with unemployment rate the lowest since 1975.
GBPUSD has now taken out offers/res at 1.2880 to post 1.2896. More/offers res at 1.2900
EURGBP falls to test 0.9080 support.
Says the ONS:
- Real average weekly earnings fell 0.5% 3-months to June 2017 (excl & incl bonuses)
- Inactivity rate fell to a new record low of 21.3%
- Self-employment rose 3-months to March by 21K, to a record high of 15% of workforce
- Part-time employment rose 34K to 8.49M
- Zero-hours worker numbers show a small fall on year-ago figures
- Increase seen in numbers of workers born elsewhere in the EU, markedly slower on an annual rate
Full report here
EZ Q2 GDP next out at the top of the hour. I'm gonna need a bigger ice bucket.
UK WAGES
