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GBP Bullish Today As Earnings and Employment Jump
The GBP has been quite bearish recently, due to the Brexit issue resurfacing again after the lock-downs. Besides that, the economic slowdown in the recent months has added to the GBP weakness. Earnings turned negative from may until July, while in August they fell flat. But, today’s report showed a jump of 1.3% and the GBP has been bullish, with GBP/USD climbing around 100 pips, while EUR/GBP declined by 100 pips.
UK September Employment Report Released by ONS
- UK October jobless claims change -29.8k vs 28.1k prior
- Prior 28.1k; revised to -40.2k
- Claimant count rate 7.3%
- Prior 7.6%; revised to 7.4%
- September employment change -164k vs -150k expected
- Prior -153k
- September ILO unemployment rate 4.8% vs 4.8% expected
- Prior 4.5%
- September average weekly earnings +1.3% vs +1.1% 3m/y expected
- Prior 0.0%; revised to +0.1%
- September average weekly earnings (ex bonus) +1.9% vs +1.5% 3m/y expected
- Prior +0.8%; revised to +0.9%
Slight delay in the release by the source. Jobless claims fell for a second straight month in October, after the major revision to the September figure, and this comes despite employment falling for a fifth consecutive month in three months to September.
Once again, the furlough scheme is making it tough to read much into this as ONS reports that UK redundancies hit a record high of 314,000 in the three months to September. The bright spot is that annual pay growth is seen recovering as more workers return from furlough but relative to historical levels, the readings are still highly subdued.
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