Jobless Rate Ticks Down To 4.4%; Real Still.>

UK DATA: Jobless Rate Ticks Down To 4.4%; Real Earnings Still Falling     

--Apr-Jun Unemployment Rate Down 0.1pp To 4.4% From 4.5% Mar-May  

--Apr-Jun Real Reg Earnings -0.5% 3m y/y; -0.5% 3m y/y in Mar-May 

--Apr-Jun Total Earnings +2.1% 3m y/y Vs +1.9% in Mar-May

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The UK labour market tightened further in the three months the 

June. The unemployment rate fell 0.1pp to 4.4%, the lowest since 1975, 

while the employment rate and inactivity rate set new respective highs 

and lows of 75.1% and 21.3%. Nominal wage growth, despite growing by 

slightly more between April and June, remained subdued while on a real 

basis earnings continued to shrink. Nominal growth in both total and 

regular earnings picked up to 2.1% 3m y/y as real earnings -- both 

including and excluding bonuses -- fell 0.5% 3m y/y in June.