UBS On-Air: Paul Donovan Daily Audio 'Solid consumption signals'

The UK January labor market data was not especially surprising. Bonus payments were slightly weaker than expected, one of the unemployment measures (the ILO) was a fraction higher, but payrolls were stronger than expected. The ongoing rise in real incomes should offer some support to consumer spending (it is shifting savings rates, rather than incomes, that have been the restraint on spending).