Prior 4.7%Employment change 232k vs 220k expectedPrior 238kAverage weekly earnings +4.7% vs +4.7% 3m/y expectedPrior +4.6%Average weekly earnings (ex bonus +4.8% vs +4.8% 3m/y expectedPrior +5.0%August payrolls change -8kPrior -8k; revised to -6k
The readings here are all in line with estimates, with the August payrolls once again showing a marginal decline. The number of payrolled employees continue to gradually decline since October last year, now down to near two year-lows (still well above pre-Covid levels though). Meanwhile, real wages continue to ease further and that will be a welcome note for the BOE as they are hoping for that to eventually translate to softer consumer prices in time.
This article was written by Justin Low at investinglive.com.