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 employment, as measured by HMRC tax data, jumped by 356,000 last month, biggest rise in a series going back to 2014. However, employment gains were less pronounced in the LFS data, which have been reweighted, partially using RTI data, the Office for National Statistics said Thursday. Employment rose by just 25,000 in the three months to May, well below the 91,000 forecast by City analysts, and the previously-published 113,000 increase for Feb-April was downwardly-revised to a 61,000 increase after the reweighing of the series.
The unemployment rate steadied at 4.8%, unchanged from the revised number for the Feb-April period (originally reported at 4.7%). The inactivity rate declined to 21.3%, but has failed to recover significantly form the pre-pandemic high of 21.4. Bank of England rate-setter Dave Ramsden noted the elevated inactivity rate in an address on Wednesday, saying tightening could occur earlier than previously seen. Vacancies rose by 241,000 in the second quarter (compared with the first quarter) to 862,000, the second highest on record. Vacancies now sit 77,000 above pre-pandemic levels.
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.