Jobless Rate Falls Again to 4.3%; Lowest....>

UK DATA: Jobless Rate Falls Again to 4.3%; Lowest Since Apr-Jun 1975 

--May-Jul Nominal Earnings Growth Stagnant; Real Wages Still Falling   

--May-Jul Total Earnings +2.1% 3m y/y; Unchanged Vs Apr-Jun

--May-Jul Real Reg Earnings -0.4% 3m y/y Vs -0.5% 3m y/y in Apr-Jun

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Nominal wage growth remained fixed in and around 2%, as it has done 

for all of 2017, despite further tightening in the job market. An 

additional 181,000 workers found new jobs between May and July, and 

75,000 fewer were classified as unemployed. That left the stock of 

unemployed workers at 1.46m, the lowest since Jul-Sep 2005. Added to 

this, the economic activity rate dropped 0.3pp to 21.2, the lowest on 

record, with a record low number of 16-64 year olds out of work looking 

after family or their home. Nominal wage growth, in both total and 

ex-bonus terms, were unchanged at 2.1% 3m y/y. In real terms both 

measures ticked up 0.1pp to -0.4% 3m y/y - only modestly higher.