UK employment data was mixed - BBH
|In view of analysts at BBH, UK employment data was mixed as while earnings rose, the employment continues to fall.
Key Quotes
“Specifically, average weekly earnings in the three months through October rose 2.5% from the year ago, period, up from a revised 2.3% in September (from 2.2%). This was in line with expectations. Average weekly earnings rose 2.3%, excluding bonus payments, up from 2.2%. Earnings growth continues to lag inflation, and may continue to do so through at least the first half of next year. Meanwhile the three-month change in employment is a loss of 56k jobs, which is the most in a couple of years. Consider the deterioration. It is the three-month period through September showed a 14k loss, but through August the average for the year was +118k.”
“Sterling traded quietly in Asia near the trough seen in North America yesterday near $1.33. Sterling was better bid before the employment data when it made the session high near $1.3370. It chopped around the highs after the data. The intraday technicals suggest that is the high is not in place for the day, it was approached. Resistance is pegged in the $1.3380-$1.3400 area.”
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