FLASH: hawkish UK hours and wages in Aug-18
- The unemployment rate remained at 4.0% in August, as expected, while employment contracted marginally amid stagnant labour force growth.- Average hours worked rebounded back to its 2018-high, normalising the difference from usual hours in the process, which suggests its sustainable.
- Wage growth is supported by hours normalising higher. A brisk August after an upwardly revised July lifted the ex-bonus headline to 3.1% y-o-y 3mma. Total pay is tracking growth of 2.75% for 4Q18, whereas the BoE only forecast 2.5%.
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