Analysts at TD Securities explain that UK’s labour report largely confirmed the status quo today, with the unemployment rate sitting at a multi-decade low of 4.0% while wage growth holds steady at a relatively healthy rate.

Key Quotes

“Headline wage growth was unchanged at 3.4% 3m/y, while the "core" private sector ex-bonus measure remained steady at 3.5% 3m/y.”

“All told, today's report offers little new information, and the BoE will comfortably be sitting on the sidelines until Brexit uncertainty is lifted; we expect them to hike in August.”