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Pay growth continues to outpace inflation...>

UK DATA
UK DATA: Pay growth continues to outpace inflation
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- UK JUN-AUG LFS JOBLESS RATE 3.9% VS 3.8% MAY-JUL
- UK JUN-AUG AVG TOTAL EARNINGS +3.8% VS +3.9%r PRIOR
- UK AUG SINGLE MONTH JOBLESS RATE 3.8% VS 3.7% JUL
- UK JUN-AUG AVG EARNINGS EX-BONUS +3.8% VS +3.9%r JUL  
- UK JUN-AUG REAL EARNINGS EX-BONUS +2.0%, vs +1.9%
- UK JUN-AUG TOTAL REAL EARNINGS +1.9%, vs 2.0%r PREV
- UK JUN-AUG LFS JOBS DOWN 56,000 TO 32.693MN
- UK SEP CLAIMANT COUNT RATE 3.3% VS AUG 3.3%
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The UK's unemployment rate rose by 0.1pp to 3.9% in contrast to markets 
looking for a steady reading. The employment rate cooled on the quarter, 
leaving the rate at 75.9%, however, the annual rate continues to rise, 
up 0.3pp. Both average weekly earnings incl. and excl. bonuses grew by 
3.8% following revised rates to 3.9% for both indicators for July. 
Meanwhile, Sep's claiment count rate is seen unchanged at 3.3%.

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