UK unemployment fell to 1.67 million in the period of February-to-April, down 20,000 from the previous quarter. This marks the lowest since October 2005 according to official figures. UK labor market has been notably tighter in recent quarters as wages remain significantly below the pre-crisis levels seen before 2008. The number of people in work rose by 55,000 with employment rate remaining at a record high of 74.2%.
Across the pond, US PPI came out at 0.4%, up from the previous 0.2%. It marks a push in producers’ prices for a second month as well as the biggest jump in energy costs since May 2015. It is also worth noting that this exclude volatile components such as food, energy and trade services. Tonight at 19:00GMT, we will get US Federal funds rate which is expected to remain unchanged at 0.50% and New Zealand GDP q/q at 23:45GMT.
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