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 nominal total earnings rose by 9.9% in March, the biggest rise on record, taking first quarter earnings to 7.0% above the level a year ago, far exceeding analysts’ expectations. The surge in earnings comes as the jobless rate fell further to 3.7%, the lowest rate since the fourth quarter of 1974. Employment, as measured by the Labour Forces Survey, rose by 83,000, also outpacing forecasts.
The employment rate rose slightly, but the inactivity rate was unchanged at 21.4%, after rising over the past few months. Hours worked rose to 32.0 from 31.9 in the three months to February, matching pre-pandemic levels for the first time. Evidence of a hot labour market, along with the jump in nominal earnings, is likely to cause some consternation amongst members of the Bank of England’s MPC.
Regular earnings rose by a more subdued 4.2% in the first quarter, up from 4.1% in the three months to February, but that increase far undershot the rate of inflation. Adjusted by CPIH, real regular earnings fell by 1.2%, the biggest decrease since the first quarter of 2013, while real total earnings rose by an annual rate of 1.4%. The fall in real earnings is more dramatic when adjusted by CPI, as regular earnings decreased by 2.0%. the biggest fall since Q3 2013.
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.