PREVIOUS TRADING DAY EVENTS 11 July 2023

The U.K. Claimant Count Change measures the change in the number of unemployed people in the U.K. during the reported month. A rising trend indicates weakness in the labour market. This is actually what the BOE expects to see after a series of hikes to counter inflationary pressure and a strong labour market.  

Yesterday at 900, the Jobless Claims figure for the U.K was reported higher than expected. The average earnings figure was also reported higher by 0.20. The growth of employees average total pay including bonuses was 6.9 and in regular pay excluding bonuses, the growth was 7.3 from March to May 2023.

The unemployment rate from March to May 2023 increased by 0.2 percentage points in the quarter to 4.0.

Following the latest U.K. labour market data, markets priced in over a 50 chance that the Bank of England BoE will again increase interest rates by 50 basis points at the August meeting.

Source

httpswww.ons.gov.ukemploymentandlabourmarketpeopleinworkemploymentandemployeetypesbulletinsuklabourmarketjuly2023

httpswww.ons.gov.ukemploymentandlabourmarketpeopleinworkemploymentandemployeetypesbulletinsaverageweeklyearningsingreatbritainjuly2023

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