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Wage growth stronger than expected but rest of the report mixed

UK DATA
  • The higher-than-expected wage growth is likely to be the highlight for markets, and the rest of the labour market report was mixed.
  • The redundancy rate increased and the levels of vacancies fell a bit in the 3 months to December (but was still well above its pre-Covid levels).
  • However, the inactivity rate went down a little and payrolled employees are still increasing.
  • There is little movement in GBP FX but we may see a little more of a move at 7:30GMT when STIR markets open.
  • Markets, however, will also be looking forward to tomorrow's CPI print which will take on even more relative importance for the MPC given that overall today's report can be categorised as fairly close to expectations.
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