FLASH: UK labour market stays strong in 1Q18
- The unemployment rate remained at 4.2% in March. Rising participation flowed into employment, which surged by 197k 3m-o-3m. A slight dip in hours was probably Easter-related. Distorted GDP should converge with healthy employment.- Wage growth matched bullish consensus expectations with AWEx-bonuses now at 2.9% y-o-y 3mma. The monthly impulse also strengthened, so the BoE’s 2.75% average forecast for 2018 may not prove hard to beat ahead of an August hike.
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