UK jobless rate likely dropped in March

The UK labor market continues to be solid. The nation’s employment is expanding but at a falling pace, noted Societe Generale. Even though the UK joblessness is declining, wage growth continues to be weak. March’s job data is expected to show the same case, according to Societe Generale.

“We expect the claimant count to fall by 15k and the unemployment rate to drop from 5.1% to 5.0%”, added Societe Generale.

Earnings growth, excluding bonuses, is expected to have slowed to 2.1% y/y from 2.2%. Meanwhile, earnings growth including bonuses is likely to have accelerated to 2.2%.