UK data surprising to the upside yet again - UOB

Analysts at UOB Group explained how the UK’s employment market showed surprising resilience after the 23 June Brexit vote.

Key Quotes:

"With the July jobless claims unexpectedly falling by 8,600 after a small uptick of 900 in June, keeping the claimant count rate unchanged at 2.2%."

"Meanwhile, June unemployment rate came in unchanged at 4.9%, as expected while the 3M/3M employment change added 172,000 in June (slightly down from 176,000 in May but above the forecast of 150,000)."

"Average weekly earnings grew 2.4%, up from 2.3% in line with the Bloomberg median forecast."