UK April ILO unemployment rate 4.4% vs 4.3% expected

• Prior 4.3%
• Employment change -140k vs -100k expected
• Prior -177k
• Average weekly earnings +5.9% vs +5.7% 3m/y expected
• Prior +5.7%; revised to +5.9%
• Average weekly earnings +6.0% vs +6.1% 3m/y expected
• Prior +6.0%
• May payrolls change -3k
• Prior -85k; revised to -36k

The jobless rate creeps up further to its highest since September 2021. It reaffirms that labour market conditions in the UK is softening and that will add to slight concerns for the BOE. The payrolls change for May is negative once again as well.

Besides that, the wage numbers are holding up and that won’t help with the unease on stickier price pressures. Real wages in the UK are now back above 2% for the first time since the three months to September 2021 as well.

This article was written by Justin Low at www.forexlive.com.