Report
Philip Rush
EUR 59.38 For Business Accounts Only

UK: wage revisions provide a hawkish reminder

- The LFS unemployment rate remained at 3.8% in Apr-19, while employment exceeded expectations. The temporary maintenance related demand shock need not affect employment or inflationary pressures over policy-relevant horizons.
- Wage growth was far stronger than expected, partly because of the usual pattern of upwards revisions, but underlying pay also surged in April. The bonus share still looks low, but the finance part prone to immediate rebound has already recovered.
- Labour market data are still showing hawkish pressures, but the recent hit to output is likely to dissuade strong guidance for a couple of months.
Provider
Heteronomics
Heteronomics

Heteronomics provides UK-centric macro research. A hallmark attention to detail delivers a depth of analysis beyond what the sell side now delivers. Clients can also experience events that privately provide insights on these topics. Have a bespoke request for research or an event? Let us know. Clients can expect assistance with their own requirements to the extent it doesn't impinge upon other clients. Think of it as retaining an expert economist, without the large overhead.

Analysts
Philip Rush

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