“This morning’s release of the latest UK data for the labour market was pleasing on the whole and shows no real signs of a slowdown since the EU referendum. The highlight was a drop in the claimant count change to -8.6k from 0.4k previously. This indicator had been forecast to rise by 5.2k so the swing to the actual print was fairly substantial. Wages also rose, with the average earnings index 3m/y higher at 2.4% compared to the 2.3% prior reading. With Theresa May not set to invoke article 50 and begin the formal process of leaving the EU this year, the situation for many workers remains far from certain, but in the immediate aftermath at least there appears to be little by the way of any ill-effects on unemployment from the vote to Brexit.”
Source; https://www.xtb.com/en/market-analysis/our-analysts/david-cheetham
