- Before 3.9%
- Change in employment -156,000 versus 58,000 expected
- Before -21k
- Average weekly salary +5.6% versus +5.5% expected over 3 months
- Before +5.6%
- Average weekly salary (excluding bonus) +6.0% vs +5.8% 3 months/year expected
- Before +6.1%
- Payroll change in March -67k
- Before 20,000; revised to -18k
This is a somewhat mixed report as employment figures are rather weak while wages remain at higher levels. The February payrolls revision sees the UK labor market reporting consecutive negative payrolls in the first quarter. This is a sign of softening in the job market, with the unemployment rate also rising.
From that perspective, it helps solidify the direction toward lower rates. But with wages rising, the BoE may feel justified in keeping market expectations on track for developments in August.
GBP/USD is slightly lower at 1.2430, down just 0.1% on the day currently.
cnbctv18-forexlive
