Latest data released by ONS - 16 October 2018
- Prior +2.6%
- Earnings ex-bonus +3.1% vs +2.9% 3m/y expected
- Prior +2.9%
- ILO unemployment rate 4.0% vs 4.0% expected
- Prior 4.0%
- Employment change -5k vs 15k expected
- Prior 3k
- September jobless claims change 18.5k vs 8.7k prior
- September claimant count rate 2.6% vs 2.6% prior
That's a solid beat on wages as the headline figure shows the fastest growth since February. The August reading alone comes in at +2.9% y/y. Meanwhile, the ex-bonus reading is shows the fastest growth since January 2009 and August alone reads at +3.1% y/y.
The pound is a little higher as a result with cable jumping to a high of 1.3209 from 1.3190 prior to the release. I don't expect fireworks but this will at least help to underpin the pound in the session ahead but I'd be looking to fade any move that goes well beyond here as the Brexit rhetoric is still something lurking in the background.
