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Underlying wage growth the highlight for markets

UK DATA
  • Very little market reaction to the release of the UK labour market report, as we noted would be likely in our preview bullet.
  • In terms of market impact, the most important part of this report in the MNI Markets team's view is that the ONS' estimate of underlying regular earning growth has picked up from between 3.6% and 5.1% to between 4.1% and 5.6%.
  • Wage growth is something that has the potential to lead to more ingrained inflation going forward, and this higher underlying rate of growth will be of concern to the MPC.
  • As we have noted previously, the MNI Markets team still thinks the MPC would wait until at least December to hike (given that by then we will have two more labour market reports - and hence have some details of the impact of employment post-furlough). However, this data will feed directly into the BoE's MPR forecasts in November and will play an important role in the decision of whether a hike is warranted before February.
DataHomepageData BulletBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
DataHomepageData BulletBank Of England (BOE) Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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