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Ahead of tomorrow's UK Labour Market.....>

UK PREVIEW: Ahead of tomorrow's UK Labour Market Report at 0930GMT analysts at
Barclays expect unemployment numbers to remain largely unchanged and the u-rate
to move sideways at 4.3% for the 6th consecutive month. Wages are also expected
to print largely in line with previous, with total pay increasing 2.5% 3m/y and
core AWE increasing 2.3% 3m/y.
- Nomura expect strong jobs growth to continue (+150k q-o-q) and wage growth to
pick up (regular pay 2.6% y-o-y up from 2.3%) as the economy expands at or
modestly above what is believed to be its trend rate.
- RBC note another solid gain in the level of employment looks likely after last
month's surprise +106k 3m/3m change but the unemployment rate is expected to
hold at 4.3%. The growth rate of the average earnings measure, ex-bonuses, is
expected to hold at 2.4% 3m/y.
 - TD Securities look for the BoE's preferred measure, private sector regular
pay, to edge a tenth higher to 2.6% y/y. And we note that the 9 straight months
of m/m ex-bonus wage growth is the longest such string since pre-GFC.

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