UK payrolled employment fell by -41k in June, marking a second straight monthly contraction. Though May’s drop was revised to a milder -24k from an initial -109k, the overall picture still points to a softening labor market. Claimant count rose more than expected by 25.8k. Unemployment rate in the three months to May edged higher from 4.6% to 4.7%.
Wage growth also lost some momentum, with median monthly pay rising 5.6% yoy in June, down from May’s 5.7% yoy. Average earnings growth in the three months to May slowed to 5.0% both with and without bonuses, with the latter still slightly hotter than the 4.9% expected.
