UK: Unemployment unchanged at multi-decade low of 3.9% - TDS

Analysts at TD Securities note that the US jobs report came in essentially as expected for the three months ending in February, with the unemployment rate remaining unchanged at its multi-decade low of 3.9%.

Key Quotes

“Wage growth remained strong, with headline wage growth unchanged at 3.5% 3m/y. Notably, the private sector regular pay measure favoured by the MPC showed further gains to 3.6% 3m/y, a post-crisis high.”

“The labour market continues to point to a very tight balance between demand and supply, and as we discussed in our UK macro update yesterday, poses challenges to the BoE as it tries to weigh the impact of uncertainty on the economy.”