UK jobs data to take macro spotlight on Tuesday; pawnbroker H&T to report finals

While unemployment has been at its lowest levels since 1974, Brexit uncertainty has some employers ready to pump the brakes on their hiring

MITIE Group PLC - UK jobs data to take macro spotlight on Tuesday; pawnbroker H&T to report finals

Following dismal UK economic data for the second quarter, attention on Tuesday will be turning to the latest set of jobs figures.

Between March to May, the unemployment rate held at the lowest level since 1974 and average weekly earnings excluding bonuses grew the most since mid-2008. 

However, there were signs of weakness in jobs growth as employers exercised caution amid Brexit uncertainty. Employment rose by 28,000 to 32.749mln – the weakest increase since the three months to August last year.

RBC Capital Markets said last month’s increase in employment appeared largely due to part-time self-employment.

"However, while we might question its quality, employment growth remains positive, and we expect another increase in headline employment this month to keep the unemployment rate below 4% for what would be a sixth consecutive month," it said.

"However, the bigger feature of this month is likely to be a further pick-up in wage growth.

"We look for regular pay (i.e., excluding bonuses) to pick up to 3.8% 3m/yr, pushing wage growth to a level last seen in May 2008."

H&T Group expansion expected to boost results

In company news, H&T Group, the UK's leading pawnbroker, is due to publish interim results on Tuesday.

Last month the group said it was snapping up 65 stores, including 29 pledge books from competitor The Money Shop for an initial consideration of around £10.6mln.

H&T raised £6mln to finance the deal, which it expects to enhance earnings in the first full year of ownership and is a “rare and significant” opportunity to acquire a complementary portfolio of stores that have an almost identical product offering to its existing estate.

Chief executive John Nichols said that trading results in the year to date have been in line with the board's expectations.

Debt key for Mears

Social housing and asylum accommodation provider Mears will be looking to make good on its June trading update, which forecast a slight reduction in its net debt at its interim results on Tuesday.

There could also be an update on the integration of several business assets that Mears acquired from the property maintenance arm of facilities manager Mitie Group PLC (LON:MTO) in November, with the process scheduled to complete next month.

Major announcements due on Tuesday August 13:

Interims: Caledonia Mines PLC (LON:CMCL), CLS Holdings PLC (LON:CLI), Ifg PLC (LON:IFG), Marshall Motor Holdings PLC (LON:MMH), Mears PLC (LON:MER), John Menzies PLC (LON:MNZS), Plus500 PLC (LON:PLUS), H&T GROUP PLC (LON:HAT)

Trading updates: Ethernity Net PLC (LON:ENET), Volution Group PLC (LON:FAN)

Economic data: UK jobs, US CPI

Quick facts: MITIE Group PLC

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Market: LSE
Market Cap: £500.97 m


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