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UK Comment - Labour market numbers mixed

  • Employment growth disappointed - unemployment rate up to 4.4%
  • Timelier claims and survey measures indicate further improvement
  • Wage growth on the strong side of expectations – base effects will pull up in the short term

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UK Comment - Labour market numbers mixed


Kari Due-Andresen

Chief Economist Norway

Norway and UK

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UK Comment


Macro Comment UK


Morgenrapport Norge

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Fast Comment Norway — House prices fell further in January; down 0.4 percent m-o-m (S.A)

  1. House prices down by 0.4 percent in Jan, following -0.1 percent in Dec
  2. Average monthly decline in line with the same pace observed since April last year
  3. Fairly broad-based decline in S.A terms in January, but Oslo appears to have improved

Marius Gonsholt Hov, Senior Economist |

UK Comment — PMIs signal weaker start to 2018

  1. Services PMI down to 53.0 in January from 54.2 in December (consensus 54.1)
  2. Sentiment pulled down by current business, while future expectations stay upbeat
  3. PMI composite down to 53.5 in January, the weakest level since August 2016

Kari Due-Andresen, Chief Economist Norway |

Fast Comment US — Highest wage growth since 2009

  1. Stronger job growth trend
  2. Unemployment unchanged but…
  3. Watch the wage growth

Rasmus Gudum-Sessingø, Senior Economist |

Fast Comment Norway — Preview: Manufacturing output, core inflation and Mainland GDP

  1. Manufacturing output trending upwards
  2. Core inflation expected at 1.3 percent in January, slightly down from 1.4 percent in December
  3. 4Q mainland GDP growth estimated at 0.7 percent q-o-q, up from 0.6 percent in Q3

Marius Gonsholt Hov, Senior Economist |

Fast Comment Norway — Significant decline in registered unemployment

  1. Registered unemployment at 2.6 percent (unadjusted) vs. market expectations of 2.7 percent
  2. Seasonally adjusted rate declined to 2.37 percent, down from 2.49 percent in December
  3. Significantly below Norges Bank's short-term estimate

Marius Gonsholt Hov, Senior Economist |