AWE Growth Continues to Moderate; Vacancies.>

UK DATA: AWE Growth Continues to Moderate; Vacancies Hit Record High  

--Mar-May Employment Level Up 137,000; Jobless Rate Steady at 4.2%    

--Mar-May Total Earnings +2.5% 3m y/y Vs +2.6% Feb-Apr

-----------------------------------------------------------------------

Headline earnings growth slowed to 2.5% 3m y/y in the 3m to May 

from a revised 2.6% in the 3m to April, the joint-lowest outturn since 

the 3m to September last year. Core earnings growth also declined on the 

month, dipping 0.1pp to 2.7% 3m y/y. Partially driving the ease in 

earnings growth was a softening in bonus pay, up jiust 0.2% 3m y/y in 

May - the weakest growth since October 2016. Vacanies, a more 

forward-looking indicator within the ONS' data pack, rose 7,000 in the 

3m to June, taking the overall level to a record high 824k. A robust 

137k rise in employment, a 12k fall in the jobless count and a 86k fall 

in the inactivity level all continue to signal a tight labour market, 

consistent with a record-high employment rate.