The main item on the economic calendar in Europe today will be the UK labour market report. We will be getting payrolls for August alongside the jobless rate and wages data for July. At the balance, UK labour market conditions have been slowing down but at a more gradual pace. Wages are also seen easing but overall, the BOE still has to strike a balance between all of that and more stubborn inflation pressures in the meantime.
When looking into the data later, the usual caveat applies in that the ONS is still striving to improve on data accuracy. That has been the case for over a year now and things don't seem to be that much better. The revamp of the labour force survey (LFS) is still ongoing as seen here. But for now, this is still the best gauge that markets and policymakers can work with - even if the BOE has been open in criticising these measures for a while now.
The estimate is for the ILO unemployment rate to come in steady at 4.7% in July with average weekly earnings seen at +4.7% 3m/y (previously +4.6%). On the latter, the ex bonus reading is expected to ease a little to +4.8% 3m/y (previously +5.0%).
The release is scheduled for 0600 GMT.
This article was written by Justin Low at investinglive.com.Hence then, the article about uk labour market data on the agenda today was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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