While a tick up in the unemployment rate for the past quarter may lead to some negative headlines, the latest look at the UK labour market continues to show a surprisingly healthy level of strength. The employment rate of 76.1% is the joint-highest on record since records began in 1971 but the best news came on the earnings front. Workers continue to see their real wages rise with the latest figures showing average earnings outstripping inflation, as measured by CPI, for the 10th month in a row. The pound has edged higher in response to the news, but remains not far from its recent lows and given that employment figures lag, the markets will remain far more interested in the latest developments on the Brexit front.
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