UK: Mixed labour market data – TD Securities

Sandeep Kanihama FXStreet Contributor

According to analysts at TD Securities, this morning's UK labour market data was a bit of a mixed bag, but on net they think that it was a positive outcome.

Key Quotes

“The soft spot was the unemployment rate coming in a tenth higher than expected at 3.9%. But the trend in employment growth is quite strong (+115K 3m/3m rate vs mkt 60k), so that points to a more robust labour market picture. Ex-bonus wage growth was in line with our forecast and a bit stronger than expected at 3.9% y/y (mkt 3.8%), notably hitting its highest growth rate since before the financial crisis.”

“And real wage growth (1.8% y/y) has finally returned to where it was before the EU Referendum in June 2016 and the associated inflation shock from the fall in GBP.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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