UK jobs data came in stronger than expected, but not strong enough to change the likely BoE hold.


📊 The UK labour market showed a better-than-expected signal as unemployment fell to 4.9%, while regular pay growth held at 3.4% and total pay rose 4.4%.
💷 The data offered mild support for GBP, as markets had less reason to expect a strongly dovish shift from the BoE. Wage growth staying firm also means domestic inflation pressure still needs to be watched.
⚖️ Still, the picture is not fully strong. Vacancies fell to 707,000, the lowest level since early 2021, showing that hiring demand continues to cool compared with the previous cycle.
🏦 Based on the current data, the BoE is still widely expected to keep rates unchanged at 3.75% today. The key focus will be Governor Bailey’s tone on wages, inflation and energy-price risks.
#UKEconomy
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