UK labour market report February 2018: Claimant count 9.2k vs -5.0k exp

February 2018 UK labour market report 21 March 2018

Prior -7.2k
Jan ILO unemplyment rate 4.3% vs 4.4% exp. Prior 4.4%
Jan average weekly earnings 2.8% vs 2.6% exp 3m y/y. Prior 2.5%
ex-bonus 2.6% vs 2.6% exp 3m y/y. Prior 2.5%. Revised to 2.7%
Employment change 168k vs 84k exp. Prior 88k

As noted in the preview, we’ve seen a differential in the wages between headline and ex-bonus. That hasn’t really mattered though as the rest of the report is decent, especially with the large employment gains. GBPUSD has hit a high of 1.4062 from 1.4020.

ONS notes;

There were 32.25 million people in work, 168,000 more than for August to October 2017 and 402,000 more than for a year earlier.
There were 1.45 million unemployed people (people not in work but seeking and available to work), 24,000 more than for August to October 2017 but 127,000 fewer than for a year earlier.
Latest estimates show that average weekly earnings for employees in Great Britain in real terms (that is, adjusted for price inflation) fell by 0.2% excluding bonuses, but were unchanged including bonuses, compared with a year earlier.

That last headline isn’t good reading for the BOE but it depends how they want to spin it tomorrow if they’re going to tip the nod to a may hike.