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July Total Earnings Up, In Work Total Falls.>

UK DATA
UK DATA: July Total Earnings Up, In Work Total Falls 
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MAY-JUL LFS JOBLESS RATE 3.8% VS 3.9% APR-JUN
MAY-JUL AVG TOTAL EARNINGS +4.0% VS +3.8% PRIOR
MAY-JUL AVG EARNINGS EX-BONUS +3.8% VS +3.9% JUN 
MAY-JUL REAL EARNINGS EX-BONUS +2.1% vs +1.9%
MAY-JUL TOTAL REAL EARNINGS +1.9% vs +2.0%r PREV
AUG CLAIMANT COUNT RATE 3.3% VS JUL 3.2% 
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Total wages were higher again in June, with regular pay outpacing 
expectations to rise 3.9% 3M Y/Y, the highest since hitting 4% in June 
2008. They were last higher in May '08 at 4.6%. Real total pay rates 
accelerated, last seen higher in autumn 2015. The BOE noted a steadying 
of pay rates in August and the latest numbers could be an unwelcome 
surprise ahead of the Sept policy meet next week. The in-work total fell 
for the first time since Oct 2017, albeit to a still elevated 33.78 mln.

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