UK employment generally positive - Scotiabank

Analysts at Scotiabank explained that the UK employment data were generally positive today.

Key Quotes:

"Employment rose 122k in the 3 months through Mar, well ahead of the 21k gain expected, which is a little surprising in the context of what appears to be a slowing UK economy, our US strategists point out."

"The unemployment rate dropped to 4.6% while wage growth slowed to 2.3% (2.4%) in headline terms (ex-bonus pay +2.1% from +2.2%)."

"Slowing pay and rising prices represent a challenge for domestic consumption trends and weak wage growth supports the BoE remaining on hold for the foreseeable future."