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UK DATA: Upside surprise to private wage data

UK DATA
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Upside surprise again to private regular AWE at 6.0%Y/Y in the 3-months to Nov (5.8% expected, 5.37% prior).

  • This has also helped pull the whole economy ex bonus number above the 5.5% expected to come in at 5.6%.
  • There must be some downside on the bonuses here - as the total whole economy AWE (inc bonus) is actually a tenth lower than expected at 5.6%/Y in the 3-months to end Nov,
  • The unemployment rate ticked up to 4.4% (rounded to 1dp) from 4.3% as expected.
  • Very little reaction in GBP FX to that release, GBPUSD initially moved a few pips lower and is now a couple of pips above pre-data levels.
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Upside surprise again to private regular AWE at 6.0%Y/Y in the 3-months to Nov (5.8% expected, 5.37% prior).

  • This has also helped pull the whole economy ex bonus number above the 5.5% expected to come in at 5.6%.
  • There must be some downside on the bonuses here - as the total whole economy AWE (inc bonus) is actually a tenth lower than expected at 5.6%/Y in the 3-months to end Nov,
  • The unemployment rate ticked up to 4.4% (rounded to 1dp) from 4.3% as expected.
  • Very little reaction in GBP FX to that release, GBPUSD initially moved a few pips lower and is now a couple of pips above pre-data levels.