Analysts at TD Securities note that the UK’s employment data for the three months to October showed the unemployment rate unchanged at 3.8%, while ex-bonus wage growth slowed only slightly to 3.5% 3m/y (both better than expected).
Key Quotes
“Core ex-bonus private sector pay growth slowed to 3.7% 3m/y, its slowest pace since May, and employment gains surprised to the upside at +24k. Today’s data shouldn’t pose any particular challenge to the BoE’s MPC as it meets on Thursday, however, with key labour measures all pointing to continued tightness in the market.”
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