UK labour market mixed – BBH

By FXStreet Analysts at Scotiabank noted that UK labour market data brought mixed news.

Key Quotes:

“On the one hand, the December quarter unemployment rate rose to 5.1% (5.0% expected). Unemployment is still back to near recent historic lows but there are still signs of upward pressure on pay.

Average weekly earnings rose 1.9% in December, in line with expectations but down slightly from the 2.0% pace seen in November.

Ex‐bonus wage growth picked up a little (and unexpectedly) from 1.9% to 2.0%, however, to provide a modest boost for the GBP but this does not move the BoE dial at all and market’s remain primarily focused on the UK government’s preparations for this week’s EU summit negotiations.”
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Source:: FX Street