UK: Unemployment rate steady at 3.8% - TDS

Sandeep Kanihama FXStreet Contributor

In view of analysts at TD Securities, this morning's UK labour market data for May was generally pretty positive, with the unemployment rate holding steady at 3.8% (mkt 3.8%), but wage growth surprising to the upside.

Key Quotes

“Ex-bonus wage growth picked up to 3.6% y/y (mkt 3.5%), its fastest pace since July 2008; private sector regular pay, the BoE's preferred measure, also ticked up to 3.7%, its highest level since June 2008; and real wage growth improved to 1.8% y/y, a 2.5 year high.”

“The only real soft spot in the report was that employment growth slowed to 28K on a 3m/3m basis, which was its slowest level in a year, with firms likely delaying big hiring decisions while Brexit uncertainty remains high.”

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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