FLASH: UK UR falls again as wage impulse recovers
- The unemployment rate fell again in February to 4.2%, which was sooner than I expected and back in line with the BoE’s last forecast round. The hawkish news is tempered by an unwind in some of the potential negativity about the NAWRU.- Wage growth disappointed expectations at a headline level but only because of the bank bonus share, which has a strong tendency to rebound. The monthly wage impulse ex-bonuses recovered to 0.25% m-o-m, which was stronger than assumed.
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