GBP resumes rally on stellar UK jobs report

The positives of the UK jobs figures are broad-based as the unemployment rate –measured by the ILO– dropped for the 3rd straight month to reaching 5.7%–its lowest since August 2008. Earnings rose by 2.1% y/y in the 3 months ending in December, reaching their highest level since Q2 2013, while earnings excluding bonuses slipped to 1.7% from 1.9%, meaning that pay growth after inflation grew at the highest level in nearly 6 years. jobless count fell by 38,600, well above expectations of a 25,000 decline. More on the charts and BoE minutes.

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