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Labour market data broadly in line with expectations

UK DATA
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  • The key private sector regular AWE is in line with the median of the analyst previews that we read at 5.8%Y/Y while total regular AWE was 6.0%Y/Y in the 3-months to April (in line with a number of analyst forecasts but the median from the surveys we read and the Bloomberg consensus were both 0.1ppt higher). The unemployment rate at 4.4% was in line with half of the analyst previews we read (the other half and the Bloomberg median looked for 4.3%).
  • So all in all, at first glance this is broadly in line data, there is very slightly less tightness in the labour market than expected by consensus.
  • GBPUSD is currently trading around 10 pips lower than pre-release.
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  • The key private sector regular AWE is in line with the median of the analyst previews that we read at 5.8%Y/Y while total regular AWE was 6.0%Y/Y in the 3-months to April (in line with a number of analyst forecasts but the median from the surveys we read and the Bloomberg consensus were both 0.1ppt higher). The unemployment rate at 4.4% was in line with half of the analyst previews we read (the other half and the Bloomberg median looked for 4.3%).
  • So all in all, at first glance this is broadly in line data, there is very slightly less tightness in the labour market than expected by consensus.
  • GBPUSD is currently trading around 10 pips lower than pre-release.