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Wage Growth Remains a Concern Ahead of BoE Meeting

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Britain’s unemployment rate unexpectedly fell further to its lowest since 1975 during the three months to July, but wage growth proved even more subdued than expected, official figures showed on Wednesday.The data are likely to deepen division at the Bank of England over whether the time for an interest rate rise is nearing and will increase pressure on Prime Minister Theresa May’s government to further loosen the cap on public-sector pay.The number of people in work rose to a record high of 32.136 million as 181,000 people gained jobs, the strongest increase since late 2015 and belying other signs of sluggish economic growth this year after last year’s Brexit vote.The rapid job creation took the unemployment rate down to 4.3 percent from 4.4 percent.

Source: Jobless rate falls to lowest since 1975 as pay growth lags – Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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