UK: Strong employment data – Deutsche Bank

According to Deutsche Bank analysts, UK’s jobs data out yesterday beat expectations, with employment up +24k (vs. -14k expected) in the three months to October compared with the previous three-month period, sending the 16-64 year old employment rate up to 76.2% to it's highest level since records began in 1971.

Key Quotes

“The unemployment rate remained at 3.8% (vs. 3.9% expected), while average weekly earnings growth (excluding bonuses) fell a tenth to +3.5% (vs. +3.4% expected).”

“Finally on the UK, Bloomberg reported yesterday that the UK government was close to making its decision on the next Bank of England governor, with the incumbent Governor Carney due to leave the BoE at the end of January. The report said the appointment could come as soon as this week.”