UK employment data was decidedly mixed - BBH

The UK employment data was decidedly mixed notes analysts at BBH as the claimant count rose by 2.4k vs. the 6.5k Bloomberg median expectation. 

Key Quotes

“However, the October series was revised to 13.3k from 9.8k. Regular earnings (excluding bonuses) rose 2.6% in the three-month year-over-year period through October, compared with 2.4%.  It is the fastest pace since August 2015.  However, employment fell for the first time in more than a year in the three months through October.  The 6k losses are small; it bears out the ONS point that the labor market has leveled out recently.”

“Sterling slipped to test the session low near $1.2640 on the news.  There is no implication for tomorrow's MPC meeting.  Policy is expected to remain on hold, and a limited tolerance for a near-term inflation overshoot is likely to be reiterated.  The sharp decline in sterling is expected lift prices, but that pressure may ease in H2 17.  The central bank of Norway meets tomorrow too.  Although its deposit rate is most likely to remain at 0.5%., the risk is for a dovish signal given krone's recent strength, especially against the euro.”