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UK DATA: Something for everyone in the DMP data

UK DATA
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  • In general employment (both realised and expected) was not quite as disappointing as last month's survey while expected price growth picked up again - this gives both the hawks and doves on the MPC encouragement - so net-net little huge impact from this data.
  • Firm's expected own-price growth increased to 3.9% in the three months to November (up from 3.7% in the 3-months to Nov and 3.5% in the 3-months to Oct). The single number print of 4.0%Y/Y was the highest since April (up 0.2ppt from Nov and up 0.4ppt from Oct).
  • Mean expected employment growth over the next year fell to 0.4% in the 3 months to November (from 0.7% in the 3-months to Nov and 1.1% in the 3-months to Oct and Sep). This was the lowest 3-month print since November 2020. However, the single month print picked up to +0.3% from -0.1% in November (which was the first negative single month print since October 2020).
  • However, expected year-ahead wage growth remained at 4.0% in the 3 months to December (the same as in November and from 4.1% in the prior four readings). The single month print picked up marginally to 3.9% from 3.8% in November after four consecutive 4.1% prints.
  • In terms of realised numbers: own price growth continued to decelerate further on the 3-month measure to 3.8%Y/Y (3.9% prior), wage growth on a 3-month measure fell to 5.4% from 5.5% (lowest since the survey for this component was resumed in May 2022) while realised employment growth picked up to 0.9% on the 3-month average, the highest since July after four months of in the 0.5-0.6% range.
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  • In general employment (both realised and expected) was not quite as disappointing as last month's survey while expected price growth picked up again - this gives both the hawks and doves on the MPC encouragement - so net-net little huge impact from this data.
  • Firm's expected own-price growth increased to 3.9% in the three months to November (up from 3.7% in the 3-months to Nov and 3.5% in the 3-months to Oct). The single number print of 4.0%Y/Y was the highest since April (up 0.2ppt from Nov and up 0.4ppt from Oct).
  • Mean expected employment growth over the next year fell to 0.4% in the 3 months to November (from 0.7% in the 3-months to Nov and 1.1% in the 3-months to Oct and Sep). This was the lowest 3-month print since November 2020. However, the single month print picked up to +0.3% from -0.1% in November (which was the first negative single month print since October 2020).
  • However, expected year-ahead wage growth remained at 4.0% in the 3 months to December (the same as in November and from 4.1% in the prior four readings). The single month print picked up marginally to 3.9% from 3.8% in November after four consecutive 4.1% prints.
  • In terms of realised numbers: own price growth continued to decelerate further on the 3-month measure to 3.8%Y/Y (3.9% prior), wage growth on a 3-month measure fell to 5.4% from 5.5% (lowest since the survey for this component was resumed in May 2022) while realised employment growth picked up to 0.9% on the 3-month average, the highest since July after four months of in the 0.5-0.6% range.