Labour Report (Dec 2019) Preview -..........>

UK DATA: Labour Report (Dec 2019) Preview - 0930GMT 18/2/20

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- AWE: BBG: 3.0% 3m y/y; Prev (Nov): 3.2% 3m y/y 

- AWE Ex-Bonus: BBG: 3.3% 3m y/y; Prev (Nov): 3.4% 3m y/y 

- ILO UE: BBG: 3.8%; Prev (Nov): 3.8% 

- Employment change: BBG: +160k; Prev (Nov): +208k 

- The UE rate is forecast to remain at 3.8% for a fourth month running in Dec. 

- Nov's employment change surged to 208k, its highest level since Jan 2019 and

markets expect a reading of 160k for Dec 

- Total wages are forecast to slow in Dec, with mkts looking for a drop to 3.0%.

- AWE excl. bonuses slowed for the fourth consecutive month in Nov to 3.4% and

the index is projected to drop to 3.3%. 

- Fwd-looking surveys send positive signals with the KPMG/REC's Jan jobs report

showing the first rise in permanent staff appointments in over a year. 

- Similarly, the UK's services PMI notes an increase in employment levels in Jan

and the fastest pace of job creation since Jul 2019