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The jobless rate ticks a little lower with employment change beating estimates in July. However, payrolls for August declined further after a negative revision to the July figure. So, there’s that sort of cancelling one another. And it doesn’t help with ONS continuing to attach a caveat to the data, noting that the estimates continue to contain uncertainty.
Besides that, the BOE can take comfort from the wages front at least. The readings roughly meet estimates and are lower than in the three months to June previously. Both total pay and regular pay are also down to 1.1% and 2.2% respectively in real terms in the three months to July. That is down from 1.6% and 2.4% previously in the three months to June.
This article was written by Justin Low at www.forexlive.com.
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