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Labour market data largely in line with expectations

UK DATA
  • Largely in line with expectations overall.
  • Wage growth a little higher, but ex bonus is only a tenth higher than expected and it's still quite difficult to discern the exact base/compositional effects in there.
  • Employment overall fell less than expected on the LFS measure but the experimental payroll data was a bit lower with a lower revision.
  • Shouldn't be much in here to really change the MPC's view.
  • If anything given we had Omicron restrictions in the UK in December, the data is encouraging.
  • Wouldn't expect that to be a big driver of short sterling on the open, however. It's encouraging data, but there's already a lot priced in.
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