All eyes on UK labour market report today – RBC CM

Research Team at RBC Capital Markets, suggests that since most of the UK data released will be for June, so the post-referendum picture won’t emerge for some time to come.

Key Quotes

“The unemployment rate should continue to hover at or a little below 5%, and we’re unlikely to see anything like the 176k 3m gain in employment that we got last time. On the average earnings front, too, it is expected to be a case of doing little better than treading water. On the ex-bonus measure, we look for a small uptick in growth to 2.3% 3m/y from 2.2% 3m/y. Including bonuses, a jump to 2.5% 3m/y seems likely.”