Sterling’s reaction to today’s job data is rather muted. Jobless claims rose 7.8k in June, above expectation of 2.3k.
Average weekly earnings including bonus rose 2.5% 3moy in May, slowed from 2.6% 3moy. Average weekly earnings excluding bonus rose 2.7% 3moy, slowed from 2.8% 3moy.
Unemployment rate was unchanged at 4.2% in the 3 months to May, staying a the joint-lowest since 1975. Employment rate rose to record high at 75.7%.
UK employment rates (aged 16 to 64 years), seasonally adjusted, January to March 1971 to March to May 2018.
