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.”

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