Free Trial

BOE DMP survey due at 9:30GMT

  • The DMP survey is due at 9:30GMT.
  • The key components worth watching in here are the inflation expectation components and wage expectations and employment growth component.
  • The previous report (January data and seen by the MPC at their February policy meeting) saw expected wage growth steady at 5.2% on a 3-month basis. This was the seventh consecutive release that saw the 3-month average rate at 5.1% or 5.2% (and is down from a peak of 6.0% in December 2022).
  • Expected price growth in January continued to slow on a 3-month average basis falling to 5.6% from 5.9% in the 3-months to Decmeber and 6.6% in the 3-months to November. Between June 2022 and October 2023 the survey stayed in a 7.1-8.1% range. However there was some concern that the single-month rate picked up again to 5.8% in January from 4.9% in December, so it will be interesting to see where the February print comes in.
  • In terms of employment growth, the 3-month average of 2.4% of realised employment growth in the 3-months to January was the lowest since November 2021. However, expected employment growth picked up again to 1.7% on the 3-months to January - the highest level since the 3-months to June 2023 (and from a trough of 1.2% seen in both September and October 2023).
  • Note that the BOE has been placing an increasing weight on this survey over the past few months - and even more so since the official ONS labour market data started to throw up more issues.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.