Analysts at TD Securities note this morning's UK labour market report was disappointing, with the unemployment rate unexpectedly rising to 3.9% (mkt 3.8%).

• “Headline wage growth also slowed unexpectedly to 3.8% y/y (mkt 4.0%), although underlying wage growth is still looking solid, with private sector regular pay sitting at 4.0% y/y for the third month in a row, and with a 3m/3m annualiяed rate of over 5%.
• So overall wage growth wasn't too bad, but the jobs numbers themselves were softer, with employment at -56K on a 3m/3m basis, its worst print since May 2015. If the PMIs are any indication, then we expect to see the jobs data soften further in the coming months.”