April 2018 UK labour market report 15 May 2018

  • Prior 11.6k
  • March 2018 ILO unemployment rate 4.2% vs 4.2% exp. Prior 4.2%
  • Average weekly earnings 2.6% vs 2.6% exp 3m y/y. Prior 2.8%
  • Ex-Bonus 2.9% vs 2.9% exp 3m y/y. Prior 2.8%
  • Employment change 197k vs 125k exp. Prior 55k

Wages hold up, claimant count a bit jumpy. Jobs added great.

ONS notes;

  • UK nationals working in UK rises by 417K to 28.73M from yr-ago
  • EU nationals working in UK falls by 28K to 2.29M over same period
  • Labour productivity fell 0.5% Q1 2018, but 1.0% higher than yr-ago
  • Real total pay growth was flat in May (as measured by CPIH)
  • Real regular pay growth rose 0.4% (as measured by CPIH)
  • Using CPI measure total pay was up 0.2% & regular pay negative (-0.1%)
  • Vacancies fell 16K q/q to 806K
  • Inactivity rate down 0.3% to 21.0%; record low

As just mentioned on the Live Blog, a report that’s held up well and will be seen as positive mainly for the fact it’s not negative. GBP off the lows seen into the report. GBPUSD 1.3542 traded from 1.3520 ish.

Ryan Littlestone

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