Prior 4.5%Employment change 89k vs 50k expectedPrior 112kAverage weekly earnings +5.3% vs +5.5% 3m/y expectedPrior +5.5%; revised to +5.6%Average weekly earnings (ex bonus) +5.2% vs +5.3% 3m/y expectedPrior +5.6%; revised to +5.5%May payrolls change -109kPrior -33k; revised to -55k
The monthly drop in payrolls is the most since May 2020 while the jobless rate ticks up again to the highest sine July 2021. All of that points to further softness in the labour market, though at least this time with some easing in wages. That will help the BOE out a little more if they are to err towards cutting rates further later this year.
This article was written by Justin Low at www.forexlive.com.