Mixed Employment/Earnings Figures From UK - Forex News by FX Leaders

Mixed Employment/Earnings Figures From UK

Posted Tuesday, November 12, 2019 by
Skerdian Meta • 1 min read

The UK employment and earnings report was released earlier this morning. Despite Brexit, earnings have been extremely strong in Britain, increasing by 4.0% up to July. Although they cooled off a bit in August to 3.8%, that’s still a very strong number. Today’s figures were sort of mixed though. Below are the numbers from the earnings and employment report:

  • UK September average weekly earnings +3.6% vs +3.8% 3m/y expected
  • Prior +3.8%; revised to +3.7%
  • Average weekly earnings (ex bonus) +3.6% vs +3.8% 3m/y expected
  • Prior +3.8%
  • ILO unemployment rate 3.8% vs 3.9% expected
  • Prior 3.9%
  • Employment change -58k vs -102k expected
  • Prior -52k
  • October jobless claims change 33.0k
  • Prior 21.1k; revised to 13.5k
  • October claimant count rate 3.4%
  • Prior 3.3%

Earnings cooled off once again in September to 3.6%, although this is still a very decent figure. The unemployment rate ticked lower to 3.8% from 3.9% previously, but employment declined by 52k, which is the biggest fall in the three months to May 2015. So, this report shows a bit of a contrast, with unemployment rate falling, but so are wages and new jobs. GBP/USD lost around 40 pips after this report.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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