Free Trial
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.
UK DATA
MNI (London)
- June RTI payrolls fell by -9k, against expectations of a +23k uptick. This is the first fall since February 2021, but should be interpreted with caution as revisions are often volatile.
- The May unemployment rate picked-up by +0.2pp on the quarter to 4.0%, against expectations of holding steady at 3.8%. This uptick was driven by a rise in May unemployment, which the ONS estimated jumped to 4.3% from 3.6% in April in the single-month data published alongside the report. This had previously been higher at 4.5% in August 2021.
- Despite the rise in unemployment, wages saw a further surge.
- Regular pay rose +7.3% 3m/yoy, the joint highest on record (back to 2001), seen again in the previous month's upwards revision and otherwise only in June 2021 where compositional and base-year effects distorted the number higher coming off the lockdown of the pandemic the year before.
- This increase was a 0.2pp beat on consensus expectations. Total earnings jumped 0.4pp to +6.9% y/y.
- The earnings data will make uncomfortable reading for the MPC, as wage growth continues to climb, despite policymakers saying they are starting to see some easing in tight labour markets albeit at a slower pace than they would like to see.
Source: ONS
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok