UK March ILO unemployment rate 4.5% vs 4.5% expected

• Prior 4.4%
• Employment change 112k vs 115k expected
• Prior 206k
• Average weekly earnings +5.5% vs +5.2% 3m/y expected
• Prior +5.6%; revised to +5.7%
• Average weekly earnings ex bonus +5.6% vs +5.7% 3m/y expected
• Prior +5.9%
• April payrolls change -33k
• Prior -78k; revised to -47k

The jobless continues to allude to added softness in the labour market with payrolls once again falling in April. ONS might still have some data inconsistencies on accuracy but the bigger picture trend has been playing out quite straightforward at least. As for wages, real earnings is at least continuing to come down a little but is still on the higher side.

It’s hard to read too much into the data given the mix of things. But balancing this out with the BOE messaging, it won’t press policymakers to desperately go with a rate cut next month.

This article was written by Justin Low at www.forexlive.com.