UK: Employment data largely in line with expectations - BBH

Research Team at BBH, notes that the UK employment data was largely in line with expectations as the unemployment rate (ILO) was unchanged at 4.9%. 

Key Quotes

“The claimant count increased by 2.4k, a few hundred more than expected, while the July series was revised to show a 3.6k decline rather than an 8.6k fall. Average earnings continued their softening trend, though not as much as the median forecast.  Average weekly earnings in the three months through July were 2.3% higher than a year ago, compared with 2.5% in June and expectations of a decline to 2.1%.  Excluding bonus, earnings growth was 2.1%, down from 2.3%. 

Sterling initially ticked up on the news but stalled in the $1.3230 area.  The intraday technicals allow for additional upticks in sterling.  Only a move above $1.3330 would signal anything important.”