Free Trial

Slightly soft labour market data; not enough to change any MPC votes this week

  • A downside surprise on the AWE numbers - particularly the including bonus numbers.
  • There was also notable slowdown in private sector AWE from 7.8% to 7.3% - note that the Bank's forecasts see this at 7.2% in December in their November MPR forecasts.
  • Vacancies fell again by 45k to 949k.
  • Overall though at first glance, outside of the bonus payments (that probably drove the spike lower of around 20 pips for GBPUSD on the release - the data looks soft but not a huge downside surprise - and GBPUSD is back to pre-data levels at writing).
  • This data is a bit soft at first glance, but we don't expect it to change the vote of any MPC member at this week's meeting.

To read the full story



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.