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Labour market data in line to better at first glance

UK DATA

Labour market data seems to be largely in line to a little better at first glance.

  • Average earnings growth was in line with expectations on both the including bonus and regular pay measures.
  • Payrolled employees grew 54k more than expected in December, but there was a downward revision of 95k to November (note that this is generally now seen as the headline number by markets).
  • The unemployment rate was a little lower than expected at 4.1% (4.2% expected, previous).
  • Very little market reaction - this data is unlikely to change the mind of any MPC member as to whether a hike in February is appropriate or not.
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