Details of the February 2017 UK labour market data report 15 March 2017
-42.5k
- Jan ILO unemployment rate 4.7% vs 4.8% exp. Prior 4.8%
- Jan average weekly earnings 2.2% vs 2.4% exp 3m y/y. Prior 2.6%
- Earnings ex-bonus 2.3% vs 2.5% exp 3m y/y. Prior 2.6%
- Employment change 92k vs 87k exp 3m/3m. Prior 37k
Good on the claims and unemployment but softer on the wages. The jobless rate is now at the lowest since 1975.
Employment in the UK is still strong but as the focus is on wages now, the numbers today aren't that hot. The government will keep spinning it that wages are running above inflation but that door is closing pretty quickly, and when it does, the government will start feeling the heat from unions wanting pay rises, and those calls won't just be coming from the public sector.
Vacancies in the market had been declining, which would be a potential positive for wages but they rose in Jan to 757k vs 752k prior.
UK average weekly earnings 3m y/y
