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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 DATA
MNI (London)
The latest UK labour market report points to further indications of labour supply pressures beginning to ease, whilst wage growth remained elevated.
- The employment rate rose 0.2pp on the quarter, whilst inactivity rate decreased 0.4pp, largely driven by 16-24 year olds. Unemployment edged up 0.1pp to 3.8%.
- Vacancies fell on the quarter for ninth consecutive period, with anecdotal evidence flagging economic factors holding back on recruitment.
- However, the stronger-than-expected wage growth implies that wage inflation was stickier in February.
- Pay growth was +5.9% m/m (3m/yoy), 0.8pp above consensus expectations and holding pace with the January levels (upwardly revised). Ex. bonuses, wages rose +6.6%, 0.4pp stronger than market expectations and also holding pace with January rates.
- Despite this data being somewhat lagged, it is further ammunition for the hawks on the MPC to push for a 25bp hike at the upcoming May 11 BOE meeting.
- Focus now turns to the CPI data due tomorrow, whereby another upside surprise in combination with today's data would put 25bp firmly on the table (markets not yet fully convinced).
Source: ONS
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.
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