Prior 3.9%
Employment change -156k vs 58k anticipated
Prior -21k
Common weekly earnings +5.6% vs +5.5% 3m/y anticipated
Prior +5.6%
Common weekly earnings (ex bonus) +6.0% vs +5.8% 3m/y anticipated
Prior +6.1%
March payrolls change -67k
Prior 20k; revised to -18k

It’s a little bit of a blended report because the job numbers are moderately weak whereas wages are nonetheless holding at greater ranges. The revision to the February payrolls sees the UK labour market report back-to-back destructive payrolls in Q1. That is an indication of loosening within the jobs market, with the unemployment charge additionally ticking greater.

From that perspective, it helps to solidify a pivot in direction of slicing charges. However with the warmer wage numbers, the BOE would possibly really feel vindicated to maintain market expectations honed in on an August transfer.

GBP/USD is marginally decrease at 1.2430, down simply 0.1% on the day presently.