DAVY VIEW

UK labour market data for December published today are expected to show a slight moderation in jobs growth, but this jars with recent UK PMI and Recruitment & Employment Confederation (REC) surveys pointing to a pick-up in hiring as reduced Brexit uncertainty helps business confidence. Also, yesterday’s Markit UK Household Finance Index rose to a record 11-year high, helped by the resilient labour market with consumers now less concerned by job security and slowly rising living costs.