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Another strong labour market report

UK DATA
  • So overall this looks a very strong report.
  • The main figure that sticks out at first glance is the earnings inc bonus, up 7.0%Y/Y (consensus 5.4%). The ONS said bonus payments were strong in March 2022 and weak in March 2021 and says " The largest bonus payments are in the finance and business services sector, but are high across several sectors for March 2022." This is also partly skewed by last year's number being suppressed by the furlough scheme. Note that the ex-bonus regular pay, was only a tenth higher than expected at 4.2%Y/Y.
  • Vacancies to unemployed also signalling an even tighter labour market here. So all in all a strong report.
  • GBPUSD up 20 pips on the report, we might get more upside when STIR markets open at 7:30BST.
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