- Prior -135k; revised to 7k
- April ILO unemployment rate 3.8% vs 4.0% expected
- Prior 3.9%
- April employment change 250k vs 162k expected
- Prior 182k
- April average weekly earnings +6.5% vs +6.1% 3m/y expected
- Prior +5.8%; revised to +6.1%
- April average weekly earnings (ex bonus) +7.2% vs +6.9% 3m/y expected
- Prior +6.7%; revised to +6.8%
That’s a hot, hot, hot report coming from the UK. 🔥🔥🔥
Not only did the jobless rate decline, payrolls resumed growth again and the fall in April was revised to show an increase in employment as well. Adding to that and perhaps more importantly for the BOE, it is that wages growth continue to run higher with stronger revisions to boot.
On the latter, real earnings are seen climbing a little but against the backdrop of high inflation, they remain rather depressed at historically low levels:
/GBP