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Analysts at TD Securities point out that this morning’s UK labour market data for May was exactly in line with consensus as the unemployment rate held at 4.2% for the 4th month in a row, while headline wage growth came in at 2.5% y/y.

Key Quotes

“The underlying wage data was a bit more upbeat though, with private sector regular pay holding steady at 2.9% y/y and momentum as measured by the 3m/3m rate accelerating after a couple of softer months.”

“UK vacancies hit their highest level since records began in 2001, supporting the story of labour market shortages that we’ve seen in a few other places, and suggesting that wage growth should continue to be well-supported.”