UK: Unemployment rate likely to remain unchanged at 3.8% in May – TDS

Analysts at TD Securities are looking for the UK unemployment rate to remain unchanged at 3.8% in May for the third straight month (mkt: 3.8%), although with some risk that it nudges back up to 3.9%.

Key Quotes

“For wage growth, we look for the ex-bonus measure to remain unchanged at 3.5 y/y (mkt: 3.5%), though underlying that is actually a flat reading in m/m terms after an outsized jump in April. Overall we think there’s little chance of any big shockers in the May labour market report.”

“Later today, Governor Carney speaks on a panel in Paris at 1pm, marking the 75th anniversary of Bretton Woods.”

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