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Regular Wages Grow At Fastest Pace Since....>

UK DATA
UK DATA: Regular Wages Grow At Fastest Pace Since Financial Crisis
-UK March-May RWE +3.6% vs +3.4% Feb-April, highest since May-July 2008
-UK March-May total AWE +3.4% vs +3.2r% Feb-April
-UK March-May real total AWE +1.4% vs +1.3% Feb-April
-UK March-May real ex-bonus AWE +1.7% vs +1.5% Feb-April
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Wage growth accelerated markedly in the three months to May, far 
outpacing expectations, and confounding predictions of Bank of England 
rate setters.  Service sector wages -- excluding bonuses -- jumped by an 
annual pace of 3.7%, the fastest pace since the 3m to Oct of 2008. At 
the June MPC meeting, MPC members discussed a "levelling off" of pay 
growth in Q2, along with "downside news" on bonuses. Bonuses rose by 
2.4% in the three months to May, up from 1.9% previously, but well below 
the prevailing growth of the previous 12 months. Inflation took a bite 
out of real wages, which rose only marginally.  

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