UK Average Earnings data misses expectations of 3.8% to print at 3.6%

• UK average earnings figures print at 3.6% missing expectations of 3.8% on both the non-bonus and including bonus figures.
• Claimant Count Change (Oct) 33.0K   vs expected 24.2K
• Employment Change 3M/3M (MoM) (Sep) -58K vs expected  -94K  
• Unemployment Rate (Sep) 3.8% vs expected 3.9%  

It was a mixed announcement in the UK earnings round up today as the average earnings and claimant count numbers mixed analysts expectations but employment change and unemployment rates performed well.

Average wage increases  are still above inflation which is the key metric and this will provide some solace to politicians as we lead into the UK general elections.

Average earnings figures have been on the rise in the UK since July 2017. There have obviously been some blips along the way but the general trend has been higher, The reason why this is important especially in the UK is that earnings need to keep up with inflation.  

In regards to employment figures, the UK has been at full employment levels for some time. Unless the number is very far out of line it rarely impacts GBP. The main headline that comes from employment is from the politicians. They love to tell the public that they are responsible for good employment numbers.