UK March ILO unemployment rate 4.3% vs 4.3% expected

• Prior 4.2%
• Employment change -177k vs -220k expected
• Prior -156k
• April payrolls change -85k
• Prior -67k; revised to -5k
• Average weekly earnings +5.7% vs +5.5% 3m/y expected
• Prior +5.6%; revised to +5.7%
• Average weekly earnings (ex bonus) +6.0% vs +5.9% 3m/y expected
• Prior +6.0%

The UK jobless rate ticks a little higher, meeting estimates as employment declined again in March. The payrolls for April also stayed in negative territory, although there was a significant revision higher to the March numbers. Overall, the data is not too helpful for the BOE as it likely points to softening in jobs but wage pressures are continuing to hold higher for now.

The pound is little changed with GBP/USD still flat at 1.2553 on the day. As a reminder, ONS still has to sort out its reliability issues when it comes to the labour market data above.

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