Prior 5.1%Employment change 82k vs 30k expectedPrior -16kAverage weekly earnings +4.7% vs +4.6% 3m/y expectedPrior +4.7%; revised to +4.8%Average weekly earnings ex bonus +4.5% vs +4.5% 3m/y expectedPrior +4.6%December payrolls change -43kPrior -38k; revised to -33k
As a general reminder, the UK labour market report is still one plagued by data quality issues. And that looks set to continue further as outlined here last week: UK statistics office evaluates potential delay to its overhauled jobs survey – report
The jobless rate holds steady at just above 5% in November but payrolls in December continues to fall further. And the latter underscores the continued softening in UK labour market conditions alongside the slow climb in the unemployment rate last year.
Wages data continue to hold up somewhat, only reflecting a marginal drop from October. And with consumer prices still holding more stubborn, it’s keeping the BOE on edge in trying to decide what to do next on the policy front.
This article was written by Justin Low at investinglive.com.