In view of analysts at TD Securities, while survey data indicates that the UK’s labour market data is likely to turn for a worse, it will probably still be at least another couple of months before we see that come through.
Key Quotes
“For October, we look for the unemployment rate to tick back up to 3.9% (mkt 3.9%), as it’s bounced around between 3.8-3.9% for the last 9 months now. We look for wage growth to decelerate a bit on base effects after a very strong Oct 2018 m/m print, with both total and ex-bonus pay slipping to 3.4% y/y (mkt also 3.4% for both).”
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