UK June payrolls change -9k vs 23k prior

<ul><li>Prior 23k; revised to 20k</li><li>May ILO unemployment rate 4.0% vs 3.8% expected</li><li>Prior 3.8%</li><li>May employment change 102k vs 125k expected</li><li>Prior 250k</li><li>May average weekly earnings +6.9% vs +6.8% 3m/y expected</li><li>Prior +6.5%; revised to +6.7%</li><li>May average weekly earnings (ex bonus) +7.3% vs +7.1% 3m/y expected</li><li>Prior +7.2%; revised to +7.3%</li></ul><p>There's a bit of give and take in the report here as payroll estimate falls for the first time since February 2021, though this is a preliminary estimate and may be adjusted later on. The jobless rate also ticked higher and that isn't a positive sign but wages continue to run hot, so that should vindicate the BOE to keep on the tightening path at the moment.</p><p>The pound is moving higher as a result of the hot wages numbers again, with GBP/USD up from around 1.2870 to 1.2895 currently.</p>

This article was written by Justin Low at www.forexlive.com.