Overall data presents a quite strong labor market picture, lower unemployment, higher wages and slightly softer job creation. Stronger wage data may support consumption but complicate inflation outlook. The release may keep the Bank of England more cautious, balancing between easing risks and persistent wage growth.
- UK unemployment rate fell to 4.9%, below expectations (5.2%), signaling a slightly stronger labor market. The drop in unemployment suggests resilience in employment conditions despite broader economic uncertainty.
- UK employment change (SA) came in at -11k, missing forecasts of 0k and indicating a mild contraction.
- The non-adjusted employment change showed a +26.8k increase, exceeding expectations and highlighting mixed signals.
- 3M/3M employment growth slowed to 25k, well below forecasts (35k), pointing to cooling hiring momentum.
- Wage growth remains relatively stable, with average weekly earnings YoY at 3.8%, above expectations. Earnings excluding bonuses rose 3.6% YoY, slightly beating forecasts and suggesting steady underlying wage pressure.
Source: xStation5
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