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.
The UK unemployment rate rose modestly to 3.8% in the 3 months to April, despite another rise in the overall real-time payrolls over the same period, the Office for National Statistics said Tuesday. Financial market economists had been looking for a further fall in the rate to 3.6%.
The overall jobs data showed a 'mixed pictures,' according to Sam Beckett, the ONS head of economic statistics, who noted that employment was up, but still below pre-pandemic levels. But Beckett also pointed to falling redundancies and vacancies at record highs -- standing at half a million more than pre-Covid.
Wages remain a black spot. Although total average earnings rose 6.8% y/y, they were boosted by bonus payments and, adjusted against CPI, fell 0.5% in the three months against a year ago, On the month, total real earnings fell 3.7% m/m, while regular real pay (ex-bonus) fell 4.5% m/m. Ahead of the BOE meeting, the wages data will remain a concern for policymakers, showing how rampant inflation could weigh on consumer's discretionary spending.
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.