Free Trial

(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
MNI (London)
By Jamie Satchithanantham and Laurie Laird
     **LONDON (MNI) - The following are the key points from the ONS' labour
market data release published Tuesday by the Office for National Statistics.
     - Bank of England forecasts of accelerating wage growth were at last borne
out in the 3 months to February. Real wages, including bonuses, rose by 0.1%
over the same period a year ago. Excluding bonuses real wages grew by 0.2%, the
fastest pace since the 3m to January 2017.
     - Nominal wage growth disappointed, rising by 2.8% including bonuses,
falling well short of the median MNI forecast of 3.0%. - Bonus payments fell by
3.3% in the year to February, pulling 3m annual bonus growth down to annual rate
of 3.5% -- the lowest since the 3 months to July. Excluding bonuses, nominal
wage growth to an as-expected 2.8% from 2.6% previously.
     - The ONS discounts nominal wage growth using its preferred measure of
inflation, CPIH, and not CPI. According to an ONS statistician, using the latter
both measures of real wage growth would still be in negative territory.
     - The jobless rate ticked down to 4.2%, slightly below the Bank's estimated
equilibrium rate. On a single month basis, the jobless rate fell to 4.0%, the
lowest since records began in 1992.
--MNI London Bureau; tel: +44 203-586-2225; email:
MNI London Bureau | +44 203-865-3812 |

To read the full story

Why Subscribe to

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.