Janaury 2018 UK labiour market report 21 February 2018

  • Prior 8.6k. Revised to 6.2k
  • Dec 2017 ILO unemployment rate 4.4% vs 4.3% exp. Prior 4.3%
  • Dec 2017 average weekly earnings 2.5% vs 2.5% exp 3m y/y. Prior 2.5%
  • Ex-bonus 2.5% vs 2.4% exp. Prior 2.4%. Revised to 2.3%
  • Employment change 88k vs 173k exp. Prior 102k

Well, it was skewy alright. Claimant count down but unemployment rate up. Wages ok and ex-bonus rise looks even better vs the revision. Cable is falling but I don’t see why it should. Even the finance numbers are better. If the market is looking at wages for a BOE clue, they stack up.

ONS notes;

  • Total and regular pay (real) annual growth rate were -0.3%
  • Rise in unemployment of 46K largest since 3M – Feb 2013 (57K)
  • Vacancies rose 24K on the quarter to 823K; a record high
  • Inactivity rate down 0.3% q/q to 21.3%
  • Rising employment for 2017 led by UK nationals
  • Flash estimate of UK productivity increased 0.8% Q4 17; down from 0.9% Q3 17
Ryan Littlestone

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