Latest data released by the ONS - 17 March 2020
- Prior +2.9%
- Average weekly earnings (ex-bonus) +3.1% vs +3.2% 3m/y expected
- Prior +3.2%
- ILO unemployment rate 3.9% vs 3.8% expected
- Prior 3.8%
- Employment change 184k vs 140k expected
- Prior 180k
- February jobless claims change 17.3k
- Prior 5.5k; revised to -0.2k
- February claimant count rate 3.5%
- Prior 3.4%
Wage pressures continue to ease with the ex-bonus reading slipping to its smallest increase since the three months to August 2018. The January reading alone was +2.8% y/y. The unemployment rate also crept a little higher but employment change remains solid.
Overall, it points to continued moderation in wages but employment conditions are still holding up. Let's see how the virus fallout will impact the labour market in the coming months.
