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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.
UK DATA
MNI (London)
The November UK labour report displayed both continued robustness in the labour market (reflected in a jump in payrolls) alongside an increase in jobless claims.
- This reflects more previously inactive participants re-entering the labour force, likely driven by the increased cost of living. This saw the inactivity rate down 0.2pp on the quarter and boosted payrolled employees by 107k (vs 42k expected). A continuation in this trend would imply less pressure on wages.
- Total and regular pay both expanded by +6.1% 3m/yoy, which barring the pandemic was the highest monthly uptick since the series began in 2001. According to an ONS, this translated into real wages falling by -3.9% y/y.
- The unemployment rate ticked up by 0.1pp to 3.7%, yet remains slightly lower than pre-pandemic levels.
- Commenting on today’s labour market figures, ONS head of economic statistics Sam Beckett said "though job vacancies are still at a very high level, they continue to fall and are now lower than they were a year ago."
- Ahead of Thursday's BOE meeting, this data was relatively in line with expectations and focus turns towards tomorrow's November CPI print. Markets are currently pricing 50bp.
Why MNI
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.
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