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Private sector regular pay falls; total headline impacted by one-off public bonuses

  • GBPUSD higher here after a decent jump in AWE (inc bonus) for total pay. However, this series was skewed by the public sector one-off bonus payments.
  • The more important series is the private ex bonus (i.e. Regular pay). This slowed slightly to 7.8% (from 8.1% the prior two months and 8.2% in June) so is now the lowest Y/Y increase since April.

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