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TD Securities analysis team note that the UK’s February employment data showed continued strength in the labour market, with the unemployment rate improving to 3.9% (mkt: 4.0%).

Key Quotes

“Wage data was slightly stronger than expected on the headline measure (3.4% 3m/y), while ex-bonus wages also came in as expected at that rate. The core ex-bonus private sector wage gain was 3.5% 3m/y, repeating the last two months’ pace.”

“Job growth was also an impressive 222k in the last 3 months, the strongest gains since 2015, and in contrast to some of second-tier labour surveys which have shown a softening.”