In view of analysts at TD Securities, while survey data indicates that the UK’s labour market data is likely to turn for a worse, it will probably still be at least another couple of months before we see that come through.

“For October, we look for the unemployment rate to tick back up to 3.9% (mkt 3.9%), as it's bounced around between 3.8-3.9% for the last 9 months now. We look for wage growth to decelerate a bit on base effects after a very strong Oct 2018 m/m print, with both total and ex-bonus pay slipping to 3.4% y/y (mkt also 3.4% for both).”