Prior 107k; revised to 70k
November ILO unemployment rate 3.7% vs 3.7% expected
Prior 3.7%
November employment change 27k vs 5k expected
Prior 27k
November average weekly earnings 6.4% vs 6.2% 3m/y expected
Prior 6.1%
November average weekly earnings (ex bonus) 6.4% vs 6.3% 3m/y expected
Prior 6.1%
The number of payrolled employees in the UK increased by 28,000 (0.1%) in December, with there being a slight downwards adjustment to the November figure. Over the course of the year, there was an increase of 676,000 people in the workforce so that’s a solid estimate for how labour market conditions are holding up.
That said, I would like to keep highlighting the fact that while wages growth continues to be largely positive, it isn’t so much the case when adjusted for real terms – which remains deeply in negative territory:
That tells a better story about the UK’s cost-of-living crisis in my view.
/GBP Read this Term
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