Nominal Wage Growth Highest Since Sep 2015;..>

UK DATA:Nominal Wage Growth Highest Since Sep 2015; Inactivity Sinks  

--Dec-Jan Employment Level Up 168,000; Jobless Rate Falls To 4.3%    

--Dec-Jan Total Earnings +2.8% 3m y/y Vs Revised +2.7% 3m y/y Nov-Dec

--Dec-Jan Real Total Earnings Flat 3m y/y Vs -0.1% 3m y/y in Nov-Dec

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Nominal wage growth ramped up in January (2.8% 3m y/y), to the 

highest level since Sep 15, extending strong growth in the 3m to Dec 

which was revised up to 2.7%. Ex-bonuses, nominal wage growth ticked up 

0.1pp to 2.6%. In addition, real wage growth returned to the neutral 

level after 9 straight months in the red. While the employment and 

unemployment count both increased in the 3m to Jan, the marked 168,000 

employment gain was enough to push the inactivity level down 136,000 on 

the quarter, sending the corresponding inactivity rate down 0.3pp to 

21.2% - a joint record low. Viewed another way, the 

activity/participation rate hit a joint-record-high 78.8%.