December 2018 UK labour market report 24 January 2018

  • Prior 5.9k
  • November 2017 ILO unemployment rate 4.3% vs 4.35 exp/prior
  • Average weekly earnings 2.5% vs 2.5% exp. Prior 2.5%
  • Ex-bonus 2.4% vs 2.3% exp. Prior 2.3%
  • 3m/3m employment change 102k vs -12k exp. Prior -56k

So-so numbers. Another jump in claims but wages hold up well. It’s been enough to see cable break 1.41 but let’s see if we can push on. That’s a big big jump in the 3m employment though.


  • Total annual real wage growth rate remains negative at -0.2%
  • Regular annual real wage growth rate stays negative at -0.5%
  • Economic inactivity lowest since the winter of 2000-1, falling 79K q/q
  • Vacancies rose 17K q/q to 810K a record high
  • Unemployment level fell 3K q/q to 1.44M
  • Claimant count ticks up for first time since Feb 2015
Ryan Littlestone

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