December 2018 UK labour market report and public sector finances 22 January 2019

  • Dec claimant count December 2018 20.8k vs 20.0k exp. Prior 21.9k
  • Nov ILO unemployment rate 4.0% vs 4.1% exp/prior
  • Average weekly earnings 3.4% vs 3.3% exp 3m y/y. Prior 3.3%
  • Ex bonus 3.3% vs 3.3% exp 3m y/y. Prior 3.3%
  • Employment change 141k vs 85k exp. Prior 79k

Public sector finances December 2018

  • PSNB 2.112bn vs 1.050bn exp. Prior 6.345bn. Revised to 6.252
  • Ex-banks 2.976bn vs 1.900bn exp. Prior 7.209bn. Revised to 7.116bn
  • PSNCR 21.278bn vs 4.371bn prior. Revised to 2.733bn
  • Central gov NCR 18.2bn vs 8.4bn prior. Revised to 6.7bn

In the jobs report, wages hold up but we’ve probably seen some of the holiday skew I spoke about before the data as that’s a big jump in employment.

GBPUSD up to 1.2902. A limited move as we were close to here already.

For the borrowing numbers, it’s being noted that higher contributions to the EU accounted for some of the rise.


Ryan Littlestone

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