UK May ILO unemployment rate 4.7% vs 4.6% expected ...Middle East

Prior 4.6%Employment change 134k vs 46k expectedPrior 89kAverage weekly earnings +5.0% vs +5.0% 3m/y expectedPrior +5.3%; revised to +5.4%Average weekly earnings (ex bonus) +5.0% vs +4.9% 3m/y expectedPrior +5.2%; revised to +5.3%June payrolls change -41kPrior -109k; revised to -25k

The good news for the BOE is that they can at least take some comfort in easing price pressures once more. Real wages are seen declining further with total pay seen at 1.0% and regular pay at 1.1% in the three months to May. Those are the lowest readings since the middle of 2023.

This article was written by Justin Low at www.forexlive.com.

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