Research Team at BBH, suggests that the UK employment was unremarkable and not significant, though, for the record, the claimant count edged seven hundred higher, a little more than a quarter of what economists expected.
“The ILO unemployment rate was flat at 4.9%, an 11-year low.
Overall earnings growth slowed slightly to 2.3% from a revised 2.4%, though excluding bonuses, the 2.3% pace was a tad higher than 2.2% previously. With inflation rising, as the CPI showed yesterday, real earnings are softening and will continue to do so. Over time, this will likely soften household demand.”