Wages Soar Despite Signs of Labour Market...>

UK DATA: Wages Soar Despite Signs of Labour Market Softness

-UK Mar-May Regular Wages +3.6% y/y; highest since 3m to July 2008

-UK Mar-May Employment rate down to 76.0%, first fall since Jun-Aug 2018

-UK Mar-May Employment +28,000  vs +32,000 Feb-April

-UK Mar-May LFS Jobless Rate 3.8% vs 3.8% Feb-April

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UK regular wage growth, which excludes bonuses, expanded by the fastest 

pace since the beginning of the financial crisis, even as the labour 

market showed early signs of softening. Employment rose by 28,000, the 

smallest rise since the three months to August 2008, while the 

employment rate fell for the first time in almost a year. However, the 

unemployment rate remained at 3.8%, below Bank of England staff forecast 

of 3.9%, matching its lowest level since the fourth quarter of 1974.  

Vacancies fell for the fifth-straight overlapping period to 827,000, 

the lowest level since the three months to May 2018.